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Tariff can be defined as a compulsory levy on

Commerce
JAMB 2024

Tariff can be defined as a compulsory levy on

  • A. import and export
  • B. foreign exchange earnings
  • C. imported goods only
  • D. foreigners working in Nigeria
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Correct Answer: Option C
Explanation

A tariff is a tax or duty imposed by a government on goods that are imported into a country. It is a form of trade barrier that increases the cost of imported products, making them less competitive compared to domestically produced goods. Tariffs are typically levied on specific goods or categories of goods and are collected at the border when the goods enter the country.


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