A(n)________ Is a Trade Policy by Which a Nation Agrees

question 152

Multiple Choice

A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies.

• A) tariff
• B) voluntary export restraint
• C) import quota
• D) import ban

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Definitions:

Cost Formulas

Mathematical equations used to calculate the costs associated with different accounting and financial practices.

Flexible Budgets

Budgets that are designed to vary in accordance with changes in the level of activity or output, to provide more accurate costing and planning.

Spending Variance

The difference between the actual amount of the cost and how much the cost should have been, given the actual level of activity. A favorable (unfavorable) spending variance occurs because the cost is lower (higher) than expected, given the actual level of activity for the period.

Static Planning Budget

A projection of budget figures based on a fixed level of activity or volume, not adjusted for changes.