Which of the Following Methods of Import Protection Leads to the Largest

question 83

Multiple Choice

Which of the following methods of import protection leads to the largest deadweight loss for the importing country?

• A)dumping
• B)tariff
• C)countervailing duty
• D)quota
• E)import duty

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Definitions:

Vast Oil Reserves

Large accumulations of underground oil that can be commercially extracted.

Economic Progress

Improvements in the standard of living and economic health of a society, often measured by factors such as GDP growth, technological innovation, and increased productivity.

Economist

A professional who studies economic theories, models, and principles to analyze how societies use resources and distribute goods and services.

Production Process

The series of steps involved in the creation of a product or service, from the input of raw materials to the final output.