Specific tariffs are levied as a proportion of the value of the import
QUESTION
Specific tariffs are levied as a proportion of the value of the imported good.
Indicate whether the statement is true or false.
ANSWER
FALSE
Specific tariffs are levied as a fixed charge for each unit of a good imported (e.g., $3 per barrel of oil). Ad valorem tariffs are levied as a proportion of the value of the imported good.
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