Multiple choice

Directions: Choose the correct meaning of the foreign words and phrases out of the four responses a, b, c and d. Ad valorem:

  1. according to the value

  2. according to utility

  3. according to cost

  4. according to demand
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Ad valorem is Latin for 'according to value', typically referring to taxes or duties calculated based on the value of goods or property rather than on quantity or flat rates. It is specifically value-based, not utility-based.

Keep practicing — related questions