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Which statement best explains Tariff?

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Question ID #25744 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Globalization Sectional Test 2026 Medium

Correct Answer: B. Tax imposed on imported or exported goods
Tariff: Tax imposed on imported or exported goods

Question: Which statement best explains Tariff?

A. Process through which countries coordinate or combine economic policies and markets

B. Tax imposed on imported or exported goods

C. Multilateral body dealing with rules of international trade

D. Trade principle requiring imported products to be treated no less favourably than like domestic products after entry

Correct Answer: B. Tax imposed on imported or exported goodsTariff: Tax imposed on imported or exported goods

Which statement best explains Tariff? - MCQ Explanation

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Correct answer: B. Tax imposed on imported or exported goods