_____ Is a Quantity Restriction on Imports That Is Imposed

question 31

Multiple Choice

_____ is a quantity restriction on imports that is imposed by the importing country.

• A) A tariff
• B) A voluntary export agreement
• C) A quota
• D) An import license

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Definitions:

Coefficient of Price Elasticity

The coefficient of price elasticity measures how much the quantity demanded of a good or service changes in response to a change in its price, indicating its price sensitivity.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Quantity Supplied

The quantity of a product or service that suppliers are prepared to offer for sale at a specific price within a defined timeframe.

Price Elasticity

The degree to which the quantity demanded of a product changes in response to a change in its price.