Quotas and Tariffs

question 2

Multiple Choice

Quotas and tariffs:

• A) restrict imports.
• B) reflect a government's lack of support to its domestic firms.
• C) induce free trade.
• D) serve as threats to domestic markets.

---

Definitions:

March

The third month of the year in the Gregorian calendar.

Standard Amount

A predetermined benchmark for expenses, revenues, or units produced, used for budgeting and measuring performance.

Actual Output

The quantity of finished goods or services produced by a company over a specific period.

Labor Rate Variance

The difference between the actual cost of labor and the budgeted cost of labor, based on the standard rate and actual hours worked.