Consistency Is a Necessary and Sufficient Condition for Correctness

question 6

True/False

Consistency is a necessary and sufficient condition for correctness.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries, aiming to protect domestic industries from foreign competition.

Quota

A government-imposed trade restriction limiting the number or monetary value of goods that can be imported or exported.

Nations Trade

The exchange of goods, services, and capital between countries, driven by comparative advantages and specialization.

Frederic Bastiat

A 19th-century French economist and writer known for his advocacy of classical liberalism and his witty criticisms of protectionism.