The Difference Between a Specific Tariff and an Ad Valorem

Multiple Choice

The difference between a specific tariff and an ad valorem tariff is that a specific tariff

A) is a set amount of money per unit of a product, while an ad valorem tariff is a set percentage of product price
B) is a set percentage of product price, while an ad valorem tariff is a set amount of money per unit of a product
C) names a particular good to which the tariff applies, while an ad valorem tariff applies to large classes of products
D) applies only to imports, while an ad valorem tariff applies only to exports
E) sets a strict quota limit on the amount one individual can purchase, while an ad valorem tariff sets no such limit