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?
What will be an ideal response?
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).
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What will be an ideal response?
Equipment is purchased for $40,000. It has an eight-year useful life and a $21,375 residual value. Under the double-declining-balance method, what is the depreciation expense for year 3?
A) $875 B) $1,125 C) $1,375 D) $5,625
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Information availability can provide all of the following except?
a. Reduced uncertainties b. Increased lead times c. Improved material tracking d. Improved product tracking