Which of the Following Is an Explanation for the Existence

question 127

Multiple Choice

Which of the following is an explanation for the existence of trade restrictions?

• A) Tariffs generate revenue for the government.
• B) Rent seeking
• C) Inefficient quotas
• D) Both answers A and B are key explanations.

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Definitions:

Apparent Authority

The appearance or impression of authority given by a principal to an agent, leading others to believe the agent has actual authority.

Termination Notice

A formal declaration that a contract, employment, or agreement is ending, often specifying the effective date and conditions of termination.

Actual Notification

For third parties who have previously dealt with the agent or who have begun to deal with the agent. This can be accomplished by (1) a direct personal statement to the third party or (2) a writing delivered to the third party personally, to his place of business, or to some other place reasonably believed to be appropriate.

Agency Termination

The process by which the relationship between a principal and their agent is ended, which could be due to expiration, mutual agreement, or other reasons.