Examlex
Approximate the number using a calculator. Round the answer to three decimal places.
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Rent-Seeking Activity
Efforts by individuals or firms to gain unfair economic benefits through manipulation or exploitation of the regulatory or political environment, without contributing to productivity.
Tariffs and Quotas
Government-imposed restrictions on trade, where tariffs are taxes on imported goods, and quotas are limits on the amount of goods that can be imported.
Higher Tariffs
Increased taxes imposed on imported goods with the aim of protecting domestic industries, reducing trade deficits, or retaliating against trading partner policies.
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