Examlex
__________ is the process of selecting a course of action that will solve a problem.
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.
Equilibrium Price
The price at which the market is in equilibrium, that is, the quantity of a good or service demanded equals the quantity of that good or service supplied; also referred to as the market-clearing price.
Import Quota
A government-imposed limit on the quantity of a certain good that can be imported into a country, used to protect domestic producers.
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