The Welfare Effects of Quotas Depend,to Some Extent,on Who Has

question 44

True/False

The welfare effects of quotas depend,to some extent,on who has the right to import the quota restricted goods.

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Definitions:

Production Function

An equation or model that describes the relationship between inputs used in production and the output of goods or services.

Catch-Up Effect

The theory that poorer economies will tend to grow at a faster rate than wealthier economies and thus converge in terms of income per capita over time.

Capital Per Worker

The amount of capital stock available per employee, used as an indicator of productivity and economic growth.

Produced Factor

A term that does not correspond to a widely recognized economic concept as described; thus, it's considered as NO.