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Q.

Choose the given statement is true/false:

Tax on imports is an example of sales tax.

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a

True

b

False

answer is B.

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Detailed Solution

The given statement is false.
Tax on imports is an example of trade barriers and not sales tax. Tax on imports, also known as customs duty and tariffs, is levied when goods enter one country from another. When countries want to impose barriers on trade with other countries, they will impose a higher tax on imports. The main objective of imposing taxes on imported goods is to make them more expensive, discouraging their use.
Thus, the correct statement is that the tax on imports is an example of trade barriers.

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