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What's the difference between a tax and a tariff?

  • Question 10a of 10 - Differences between taxes and tariffs

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: What's the difference between a tax and a tariff?
  • Answers:
  1. Taxes are charged on income while tariffs are charged on sales.
  2. Taxes are collected internally while tariffs are collected on imports.
  3. Taxes are a form of public revenues while tariffs are a form of public debt.
  4. Taxes are spent on social support programs while tariffs are spent on national defense.

The correct answer is: Taxes are collected internally while tariffs are collected on imports. Taxes are paid on domestic economic activity while tariffs are paid on international trade.

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