What is a tax imposed on specific items or classes of items called?

Prepare for the LMHS NJROTC Academic Team Test. Study using comprehensive flashcards and multiple choice questions, each accompanied by detailed explanations and valuable hints to ensure your success. Get ready for your exam now!

A tax imposed on specific items or classes of items is referred to as a tariff. Tariffs are typically used by governments to regulate trade, protect domestic industries, or generate revenue. They are applied to imported goods, making them more expensive and potentially less competitive against local products. Tariffs can influence the pricing and availability of those items in the market.

Tribute money, ransom, and customs fees are different concepts. Tribute money historically refers to payments made by one state to another as a form of acknowledgment of sovereignty or for protection. Ransom is a payment demanded for the release of a captive or property. Customs fees, while related, specifically pertain to charges for processing goods at a border and are generally part of the broader category of tariffs but do not encompass the same regulatory role aimed specifically at specific items or classes.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy