A Voluntary Export Restraint

question 78

Multiple Choice

A voluntary export restraint

• A) is like a tariff.
• B) is a very common form of trade barrier.
• C) is like a quota on foreign exports.
• D) Both answers B and C are correct.

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Definitions:

Unseasonably Cold

Weather conditions that are colder than what is typical for a particular time of year, often affecting crop growth, heating costs, and clothing choices.

Equilibrium Quantity

The level of output whereby the amount of goods supplied is equal to the amount of goods demanded in the market.

Key Resource

A fundamental input or asset used by businesses to produce goods and services.

Product Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to supply and the market price.