Quotas That Entirely Eliminate Trade in a Certain Product or a Number

question 30

Multiple Choice

Quotas that entirely eliminate trade in a certain product or a number of products are known as

• A)export tariffs.
• B)deadweight.
• C)ultimate tariffs.
• D)embargoes.

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Definitions:

Antitrust Laws

Legislation enacted to prevent new monopolies from forming and to break up those that already exist, ensuring competition in the marketplace.

Monopoly Power

The ability of a company or entity to control or dominate an industry or sector, often to the point where competition is significantly reduced or eliminated.

Federal Antitrust Laws

Laws enacted by the federal government of the United States to eliminate or prevent anti-competitive practices, ensure fair competition, and protect consumers from monopolies and cartels.

International Commerce

The exchange of goods and services between countries around the world.