Indicate by means of a tick (✓) the category to which each statement belongs:
Statement
A tax on goods imported into the country - Leaving Cert Economics - Question 2 - 2016
Question 2
Indicate by means of a tick (✓) the category to which each statement belongs:
Statement
A tax on goods imported into the country.
A complete ban on the importatio... show full transcript
Worked Solution & Example Answer:Indicate by means of a tick (✓) the category to which each statement belongs:
Statement
A tax on goods imported into the country - Leaving Cert Economics - Question 2 - 2016
Step 1
A tax on goods imported into the country.
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Answer
This statement falls under the category of Tariff. A tariff is imposed on imported goods to increase their price and protect domestic producers.
Step 2
A complete ban on the importation of certain goods.
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Answer
This statement is categorized as an Embargo. An embargo is a government order prohibiting the entry of specific goods into a country.
Step 3
A physical limit placed by the government on the amount of goods that can be imported.
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Answer
This description refers to a Quota. A quota limits the quantity of a particular good that can be imported, thereby controlling supply.
Step 4
Any payment or assistance given by the government to Irish producers of goods or services.
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Answer
This statement describes a Subsidy. Subsidies are financial aids provided by the government to encourage local production and reduce the cost for consumers.
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