Final answer:
A duty that represents a certain percentage of the value of a particular product is called a tariff. Tariffs are taxes that governments place on imported goods to raise revenue and protect domestic industries by raising the prices of foreign goods.
Step-by-step explanation:
A duty that represents a certain percentage of the value of a particular product is called a tariff. Tariffs are taxes that governments place on imported goods, which are used to raise revenue and protect domestic industries by raising the prices of foreign goods.