Which of the Following Statements Is True

question 6

Multiple Choice

Which of the following statements is true ?

• A) A tariff is a physical limit on the quantity of a good allowed to enter a country.
• B) An embargo is a tax on an imported good.
• C) A quota is a law that bars trade with another country.
• D) When a nation exports more than it imports it is running a balance of trade surplus.

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Definitions:

Catastrophic Medical Emergency

A sudden, unexpected medical situation requiring immediate and expensive care, potentially causing significant financial hardship.

Underestimate

To assess something or someone as less in quantity, value, or importance than is actually the case.

Over-precision

The tendency to be too confident in one's own judgments, estimates, or predictions, often leading to errors or miscalculations.

Law Of Small Numbers

Tendency to overstate the probability that a certain event will occur when faced with relatively little information.