Import Quotas on Products Will Reduce the Quantity of the Imported

question 318

Multiple Choice

Import quotas on products will reduce the quantity of the imported products and

• A) decrease the price to the consumers.
• B) increase the price to the consumers.
• C) will not affect the price to the consumers.
• D) increase the total quantity of the product consumed.

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Definitions:

Implied Contract

An agreement derived from the actions or circumstances of the parties involved, rather than explicit words.

Objective Theory Of Contracts

A theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions. Objective facts might include what a party said when entering into the contract, how a party acted or appeared, and the circumstances surrounding the transaction.

Express Contract

A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.

Express Contract

A legally-binding agreement in which the terms are explicitly stated by the parties involved either orally or in writing.