Tariffs and Import Quotas Differ in That

question 82

Multiple Choice

Tariffs and import quotas differ in that

• A) one is imposed by the government, while the other is imposed by the private sector.
• B) one is a tax, while the other is a limit.
• C) one is a form of trade restriction, while the other is not.
• D) one is legal, while the other is not.

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Definitions:

Probate Laws

The body of law that governs the process through which a deceased person’s estate is properly distributed to heirs and designated beneficiaries, and any debt owed to creditors is paid off.

Executor

An individual appointed to administer the estate of a deceased person, managing the distribution of assets according to the will.

Minor's Section 2503(c) Trust

A trust set up for the benefit of a minor according to Section 2503(c) of the Internal Revenue Code, allowing gifts to be made to the trust without incurring gift taxes.

Qualified Terminable Interest Property Trust

A type of trust that allows an individual to transfer assets to a surviving spouse tax-free upon their death, while controlling the distribution of the estate after the spouse's death.