Use the Following Scenario to Answer the Next Four Questions

question 134

Multiple Choice

Use the following scenario to answer the next four questions:
RayRay and Andrew produce baseballs and golf balls. RayRay can produce six baseballs per hour or four golf balls per hour. Andrew can produce three baseballs per hour or one golf ball per hour.
-An example of an import quota is:

• A) Japanese automobile manufacturers agreeing to limit exports to the United States.
• B) a decision by the United States to limit South Korean television imports to 100,000 per year.
• C) France charging an additional 10% tax on imports of Vietnamese clothing.
• D) a decision by Saudi Arabia to reduce oil exports to India by 100,000 barrels.
• E) Chinese toy manufacturers agreeing to reduce exports to the United States.

Identify searching strategies and their appropriate application in legal research.

Understand the significance and use of online citators in legal research.

Understand the economic factors affecting the use of legal research tools.

Identify and utilize the contents available on legal information websites.

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Definitions:

Total Surplus

The combined total of producer surplus and consumer surplus, indicating the overall societal benefits derived from the consumption and production of a service or product.

Deadweight Loss

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

Tariff

A tax imposed by a government on imported goods, often used to protect domestic industries and to raise government revenue.

Total Surplus

The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of goods and services.