Question

A specific duty is a

A. fixed sum charged for a specified number of units of the product.
B. stated percentage of the invoice of the product.
C. duty established for a given, articulated reason.
D. rate charged in excess of a compound duty.

Answer 1

A specific duty is a rate charged in excess of a compound duty. It is an additional fee imposed on imported goods, typically based on the number of units or weight of the product.

Step-by-step explanation:

A specific duty is a rate charged in excess of a compound duty. In the context of international trade, a specific duty is an additional fee imposed on imported goods, typically charged for a specified number of units or based on the weight of the product. It is important to note that specific duties are different from ad valorem duties, which are stated as a percentage of the value of the product.

For example, if a specific duty of $2 is charged for each unit of a specific product, and someone imports 100 units of that product, the specific duty would be $200 (100 units * $2 per unit).

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