Which of the Following Parties Benefits from an Import Quota

question 93

Multiple Choice

Which of the following parties benefits from an import quota but not from a tariff?

• A) The domestic government.
• B) Domestic consumers.
• C) Domestic producers.
• D) The person with the right to import the good.
• E) The foreign government.

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Definitions:

Cross-Price Elasticity

An indicator of the variance in the demand for a specific item as a result of fluctuations in the cost of a different product.

Chipotle Burritos

A type of Mexican-inspired dish offered by the Chipotle fast-food chain, consisting of a flour tortilla filled with various ingredients such as meat, beans, rice, vegetables, and sauces.

Qdoba Burritos

A brand of fast-casual restaurants known for their Mexican-style burritos and other dishes.

Long-Run Price Elasticity

The measure of responsiveness of quantity demanded or supplied to a change in price over a long period, allowing all inputs to be adjusted.