A Specific Unit or Dollar Limit Applied to a Particular

question 74

Multiple Choice

A specific unit or dollar limit applied to a particular type of good is called a(n)

• A) trade license.
• B) quota.
• C) ad valorem duty.
• D) predatory price.
• E) exchange rate.

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Definitions:

Damages

A financial recompense given by a court to an individual who has endured damages or injury because of another's illegal action or carelessness.

Defendant

An individual, company, or institution sued or accused in a court of law.

Strict Liability

A legal doctrine holding an individual or entity liable for damages or injury caused by their actions, irrespective of fault or negligence.

Negligence Theory

A legal theory grounding the claim that a party's failure to act with the level of care considered reasonable under the circumstances leads to harm or damage to another.