If the Multifiber Agreement Had Used Tariffs Instead of Quotas

question 117

Multiple Choice

If the Multifiber Agreement had used tariffs instead of quotas,

• A)consumer surplus would have been higher.
• B)the deadweight loss for the United States would have been lower.
• C)textile prices would have been lower.
• D)apparel sales would have been higher.
• E)government revenue would have been reduced.

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Definitions:

Static Method

A method defined in a class that does not require an instance of the class to be invoked and is often used for utility or helper functions.

Java.lang.Math.*

The Java.lang.Math.* reference indicates the use of the Math class in the Java programming language, which provides methods for performing basic numeric operations such as exponentiation, logarithms, and trigonometric functions.

Actual Parameter

An actual parameter refers to the actual value or reference passed to a function or method during its invocation.

One-To-One Correspondence

A relationship in which each element of one set is paired with exactly one element of another set, and vice versa.