Examlex
A university must decide if it wants to offer more adult literacy classes. This decision involves answering the economic question of 'for whom to produce'.
Auctioning Off
The process of selling an item to the highest bidder through a competitive bidding process, commonly used for selling goods, property, or services.
Import Quota
A government-imposed limit on the quantity of a specific good that can be imported into a country within a given timeframe.
Specific Tariff
A fixed fee imposed on imported goods based on quantity, such as units, weight, or volume, rather than value.
Ad Valorem Tariff
A tax imposed on imported goods, calculated as a percentage of the value of the imports rather than a fixed rate.
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