Judicial Review

question 57

Multiple Choice

Judicial review:

• A) scrutinizes actions of federal, but not state, governments.
• B) is a check by the judicial branch on legislative action.
• C) is a check by the judicial branch on executive action.
• D) is a check by the judicial branch on both  legislative and executive action.

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Definitions:

Quota Price

The cost associated with acquiring a quota, which is a government-imposed limit on the quantity of a good that can be imported or exported.

Quota Rent

Revenue earned by the holder of a production or import quota, representing the market price minus the supply price under the quota limit.

Missed Opportunity

The failure to seize potential benefits due to lack of action or decision in a timely manner.

Government Quota

A limit set by a government on the amount or value of a good that can be imported or exported over a specified period.