Identify the Following Term(s)

question 49

Short Answer

Identify the following term(s).
-Vladimir Lenin

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Import Quota

A government-imposed limit on the quantity or monetary value of a certain good that can be imported into the country.

World Price

The international market price of a good or service, determined through the global supply and demand.

Tariff Revenue

Income generated by the government from taxes imposed on imported goods, used as a tool for economic policy.