Export Quotas, Placed on Japanese Auto Shipments to the United

question 122

True/False

Export quotas, placed on Japanese auto shipments to the United States in the 1980s, led to rising prices of both Japanese autos and U.S.-produced autos purchased by the U.S.consumer.

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Definitions:

Tariff

A tax imposed by a government on imported or exported goods to regulate trade.

Quota

A trade limitation enforced by the government that restricts the quantity or financial value of products that may be exported or imported within a certain timeframe.

Revenues

Revenues represent the total income generated by a business from its primary activities, such as sales of goods or services, before any costs or expenses are deducted.

Government

The organization, or group of individuals, recognized by the populace as having the authority to govern a political state, including creating and enforcing laws.