The Main Difference Between a Tariff and an "Equivalent" Voluntary

question 103

Multiple Choice

The main difference between a tariff and an "equivalent" voluntary export restriction (VER) is that

• A)a tariff restricts free trade between two countries and a VER does not.
• B)a tariff allows the extra market value of the good to accrue to the supplier, but a VER allows the extra market value to be appropriated by the government of the importing country.
• C)a tariff keeps the price in the importing country higher than it would otherwise be; a VER does not.
• D)a tariff allows the importing country to protect wages and other factor incomes in the affected industry, while a VER does not.
• E)a tariff allows the government of the importing country to appropriate the extra market value of the imported good, but with a VER the extra market value accrues to the good's producers.

Describe the concept and implementation of codetermination in the labor market.

Analyze capitalism’s distinct features and critique its impacts on labor markets.

Understand the dominant economic systems in the world and their defining characteristics.

Grasp the historical and theoretical foundations of capitalism and communism according to Marx.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price.

Manufacturing Cycle Time

The total time taken from the start of production to the completion of the final product, including all processing and waiting times.

JIT Systems

Just-in-time production strategies that aim to reduce in-process inventory and carrying costs by producing only what is needed, when it's needed.

TPS

An acronym for Toyota Production System, a methodology that aims to increase efficiency by eliminating waste and improving production processes.