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Select the Most Accurate Statement

question 47

Multiple Choice

Select the most accurate statement.


Definitions:

Import Quota

is a limit on the quantity or value of a certain good that can be imported into a country, typically applied to protect domestic industries.

Trade Restrictions

Measures such as tariffs, quotas, and embargoes imposed by governments to control and limit the volume or value of goods and services that are traded across borders.

Innovation

The process of creating new methods, ideas, or products, or the introduction of something new that adds value.

Declining Industries Argument

The notion that certain sectors of the economy may experience a reduction in demand and productivity, leading to a downturn in those industries.

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