If the British Government imposed a tariff of 5 % on the import of cotton from the Caribbean colonies in 1905, and the total value of cotton imports was Rs. 50 lakh, how much tariff revenue did the government receive?
Answer
Rs. 2.5 lakh
The correct answer is Rs. 2.5 lakh — Compute the result: 2.5 lakh rupees.
Step-by-step solution
- Convert the tariff percentage 5 % to decimal form (0.05).
- Multiply the decimal by the total value of imports: 0.05 × 50 lakh.
- Compute the result: 2.5 lakh rupees.
Common mistake: Forgetting to convert lakh to numeric value
Concept tested: Tariff calculation
Published · How this solution was prepared and checked
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