An Official Agreement with Another Country in Which It Agrees

question 162

Multiple Choice

An official agreement with another country in which it agrees to import more from the United States is

• A) a regional trade bloc.
• B) the quota system.
• C) a voluntary import expansion.
• D) a voluntary restraint agreement.

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Definitions:

Output

In economics, output refers to the total amount of goods and services produced by a company, sector, or economy within a certain period of time.

Function

A relation between a set of inputs and a set of permissible outputs, specifying a single output for each input.

Production Function

An equation that describes the relationship between the quantities of productive factors used and the amount of product obtained.

Returns To Scale

Describes how the output of a production process changes as all inputs are scaled up or down by the same proportion.