Illustrate and Explain How a Country Could Attain Its Optimum

question 37

Essay

Illustrate and explain how a country could attain its optimum tariff position (optimum terms of trade) on the foreign offer curve by using an import quota rather than a tariff. Could this position also be attained by negotiation of a "voluntary" export restraint (VER) with the foreign country rather than by the use of a tariff? Why or why not?

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Definitions:

Organism

A living entity capable of growth, reproduction, and often response to external stimuli, ranging from single-celled forms like bacteria to complex multicellular entities like humans and plants.

Original Stimulus

The specific element or event in classical conditioning that initially triggers a conditioned response without any need for learning.

Conditioned Stimulus

A formerly neutral signal that, once linked with an unconditioned stimulus, triggers a conditioned response.

Spontaneous Recovery

The reappearance of a previously extinguished conditioned response after a period of time without exposure to the conditioned stimulus.