Tariffs and Import Quotas Differ in That

question 58

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 form of trade restriction, while the other is not.
• C) one is legal, while the other is not.
• D) one is a tax, while the other is a limit.

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Definitions:

Current Balance

The total amount of money in an account or owed on a loan at any given moment, including principal, interest, and any fees.

Interest Rate

The proportion of a loan or savings amount that is charged or paid as interest to the borrower or saver.

Compounded Monthly

The monthly exercise of determining interest by applying it to the initial principal amount as well as to the interest that has been accumulated over preceding periods.

Accrued Interest

Interest that has been incurred but not yet paid.