Which of the Following Is Common to Both Tariffs and Quotas

question 131

Multiple Choice

Which of the following is common to both tariffs and quotas?

• A)Tariffs and quotas are both used as a means to increase government revenue.
• B)Tariffs and quotas both increase economic efficiency.
• C)Tariffs and quotas are both designed to reduce foreign competition faced by domestic firms.
• D)Tariffs and quotas are both examples of voluntary export restraints.

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Definitions:

Income Inequality

Inequitable apportionment of income among household or personal entities within an economic framework.

Highly Skilled Workers

Individuals with advanced qualifications, experience, and skills in their respective fields, making them critically important for industry innovation and competitiveness.

Immigration

Immigration is the action of people moving to a country other than their native one with the intention to settle there.

Marginal Utility

The extra pleasure or advantage gained by a consumer from using an additional unit of a product or service.