A Limit on the Amount of a Good That Can

question 177

Multiple Choice

A limit on the amount of a good that can be imported is known as:

• A) a tariff.
• B) a tax.
• C) an import quota.
• D) an export agreement.

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Definitions:

Nationalize

The transfer of private sector assets into public ownership by the government.

Foreign Firms

Companies that are based in one country but conduct business operations in other countries.

Payment

The transfer of money or goods from one party to another as compensation or in exchange for goods or services.

New York Convention

An international treaty designed to facilitate the recognition and enforcement of foreign arbitral awards.