With Careful Planning, We Can Usually Get Something That We

question 63

True/False

With careful planning, we can usually get something that we like without having to give up something else that we like.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.

Import Quotas

Restrictions imposed by a government on the quantity or value of goods that can be imported into a country, used to protect domestic industries.

Tariff

A tax imposed on imported goods, usually to raise government revenue and protect domestic industries from foreign competition.

Import Quota

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