What Are Tariffs and Quotas

question 20

Multiple Choice

What are tariffs and quotas?

• A) policies that restrict trade among nations
• B) instruments implemented to increase trade efficiency
• C) measures of trade surpluses or deficits
• D) policies meant to improve the well-being of consumers

---

Definitions:

Afford

The ability of an individual or entity to purchase goods or services without financial strain.

Field Experiment

An experiment conducted in a natural setting rather than in a laboratory, allowing researchers to study economic behaviors in real-world contexts.

Province

A principal administrative division of certain countries or territories.

Good

A material item or service that can be bought, sold, or traded to satisfy a want or need.