What Is the Term for a Limit on the Quantity

question 162

Multiple Choice

What is the term for a limit on the quantity of an imported good?

• A) a tariff
• B) an excise tax
• C) an import quota
• D) net imports

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Definitions:

Direct Labour

The work done by employees directly involved in producing a product or delivering a service, often considered a variable cost.

Direct Materials

Direct materials are the raw materials that are directly traceable and allocable to a finished product in the manufacturing process, directly impacting the cost of goods sold.

Production Costs

The total expense incurred in the manufacture of a product, including labor, materials, and overhead.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.