Author Question: In the context of making business personal, following one's passion doesn't guarantee a fat ... (Read 26 times)

elizabeth18 · **on:** Jul 14, 2018

In the context of making business personal, following one's passion doesn't guarantee a fat paycheck, but it does boost one's chances of both financial and personal success.

Indicate whether the statement is true or false

Question 2

Define tariff. What effect does a tariff have on the price of a product in the country imposing the tariff? Why would a tariff be used?

Anton · **Reply #1 on:** Jul 14, 2018

Answer to Question 1

True

Answer to Question 2

A tariff, also known as an import duty, is a tax levied on a particular foreign product entering a country. A tariff raises the price of a product in the importing nation since it is a tax that is added to the product and is thus typically passed on to consumers. Tariffs are imposed either to raise revenue (revenue tariffs) or to protect domestic industry (protective tariffs).