In Response to an Import Quota

question 61

Multiple Choice

In response to an import quota

• A) Exports increase more than imports.
• B) Imports increase more than exports.
• C) Imports and exports are unaffected, but the government collects revenues.
• D) Imports and exports are both reduced but net exports are unchanged.

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Definitions:

Volatile Times

Periods characterized by high levels of uncertainty, unpredictability, or instability, often referring to economic or financial market conditions.

Lean Accounting System

An accounting practice aimed at reducing waste and improving financial control by aligning accounting processes with lean manufacturing principles.

Fewer Transactions

A situation where a business or an individual engages in a lesser number of financial exchanges or activities within a given period.

Traditional Accounting System

A method of accounting focusing on recording and reporting financial transactions based on historical costs and following generally accepted accounting principles (GAAP).