According to Social Exchange Theories, Anything That Involves a Person's

question 39

Multiple Choice

According to social exchange theories, anything that involves a person's time and effort or that represents lost opportunities is known as a(n) _______.

• A) reward
• B) barrier
• C) cost
• D) investment

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Definitions:

Voluntary Export Restraint

An agreement between exporting and importing countries where the exporter agrees to limit the quantity of goods exported to the importing country.

Quota

A quota is a government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a particular time frame.

Tariff

A tax imposed by a government on goods and services imported from other countries, intended to increase their price and make domestic products more competitive.

Most-Favored-Nation Status

A trade status granting a nation the best trading terms available to any other nation, such as lowest tariffs or highest import quotas.