To protect domestic industries from foreign competition

To generate revenue for the government

To regulate the flow of goods across borders

To promote international trade

Ad valorem duty

Specific duty

Compound duty

Excise duty

Ad valorem duty is a percentage of the value of the goods, while specific duty is a fixed amount per unit of the goods.

Ad valorem duty is a fixed amount per unit of the goods, while specific duty is a percentage of the value of the goods.

Both ad valorem duty and specific duty are percentages of the value of the goods.

Both ad valorem duty and specific duty are fixed amounts per unit of the goods.

To promote the import of certain goods

To reduce the cost of imported goods for certain consumers

To encourage the export of certain goods

All of the above

Exemption for goods imported by diplomatic missions

Exemption for goods imported by charitable organizations

Exemption for goods imported by tourists

Exemption for goods imported by exporters

Tariffs are levied on goods imported into a country, while customs duties are levied on goods exported from a country.

Tariffs are levied on goods exported from a country, while customs duties are levied on goods imported into a country.

Tariffs and customs duties are the same thing.

None of the above

Ad valorem tariff

Specific tariff

Compound tariff

Preferential tariff

To promote trade between two or more countries

To protect domestic industries from foreign competition

To generate revenue for the government

To regulate the flow of goods across borders

The Generalized System of Preferences (GSP)

The North American Free Trade Agreement (NAFTA)

The European Union (EU)

The World Trade Organization (WTO)

In a customs union, member countries agree to eliminate customs duties on goods traded among themselves, but they maintain their own individual tariffs on goods imported from non-member countries. In a free trade area, member countries agree to eliminate customs duties on goods traded among themselves, but they are free to set their own tariffs on goods imported from non-member countries.

In a customs union, member countries agree to eliminate customs duties on goods traded among themselves, but they maintain their own individual tariffs on goods imported from non-member countries. In a free trade area, member countries agree to eliminate customs duties on all goods traded among themselves.

In a customs union, member countries agree to eliminate customs duties on all goods traded among themselves. In a free trade area, member countries agree to eliminate customs duties on goods traded among themselves, but they maintain their own individual tariffs on goods imported from non-member countries.

In a customs union, member countries agree to eliminate customs duties on all goods traded among themselves. In a free trade area, member countries agree to eliminate customs duties on all goods traded among themselves, but they are free to set their own tariffs on goods imported from non-member countries.

The European Union (EU)

The North American Free Trade Agreement (NAFTA)

The Association of Southeast Asian Nations (ASEAN)

The World Trade Organization (WTO)

The European Union (EU)

The North American Free Trade Agreement (NAFTA)

The Association of Southeast Asian Nations (ASEAN)

The World Trade Organization (WTO)

To regulate trade between countries

To promote free trade

To resolve trade disputes

All of the above

Setting tariffs

Negotiating trade agreements

Resolving trade disputes

Monitoring trade policies

A principle that requires countries to treat all other countries equally in terms of trade

A principle that requires countries to give preferential treatment to their trading partners

A principle that allows countries to discriminate against certain countries in terms of trade

None of the above