If U.S.quotas on Imported Sugar Were Eliminated

question 84

Multiple Choice

If U.S.quotas on imported sugar were eliminated,

• A)The supply of sugar in the United States would shift to the left and prices would rise.
• B)The demand for sugar in the United States would shift to the left and prices would fall.
• C)The supply of sugar in the United States would shift to the right and sugar prices would fall.
• D)The world price of sugar would rise.

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Definitions:

Price Increase

The act of raising the cost of goods or services, often in response to market demand, production costs, or inflation rates.

Statute Of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties to be enforceable.

UCC

Refers to the Uniform Commercial Code, which is a broad collection of regulations that oversee all commercial dealings within the United States.

CISG

The International Sale of Goods Convention by the United Nations, a global treaty that creates a standardized structure for international trade.