Suppose That the Government Imposes a Quota on Imports

question 48

Essay

Suppose that the government imposes a quota on imports.Explain why the result is a fall in imports and an equal fall in exports.(Hint: Think about what happens to net exports, and about what happens to the exchange rate.)

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Definitions:

Legal Construct

A theoretical or legal idea, designed and accepted by society or a specific community, which guides actions and interpretations legally and socially.

NLRA Reform

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A method of union recognition where an employer acknowledges a union's role as bargaining agent if a majority of employees show support, typically by signing authorization cards.