Russia Currently Has a Limit on Pork of 400,000 Metric

question 74

Multiple Choice

Russia currently has a limit on pork of 400,000 metric tons annually that can be imported by any country.This restriction would be considered a

• A)tariff.
• B)trade imbalance.
• C)quota.
• D)excise tax.
• E)subsidy.

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Definitions:

Fixed Costs

Costs that remain consistent regardless of production or sales volume, including rent, salaries, and insurance fees.

Variable Costs

Expenses that change in proportion to the activity or production level of a business.

Total Fixed Costs

The sum total of costs that are unaffected by changes in production levels or output.

Short-Run

A phase where production can be adjusted only by varying the amounts of variable inputs, with fixed inputs remaining constant.