Examlex
Which of the following statements is FALSE?
Tariffs
Taxes on imports or exports between sovereign states.
Quotas
Restrictions set by a government on the amount of a particular good that can be imported or produced within a certain timeframe.
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Absolute Advantage
The ability of a country, individual, or firm to produce more of a good or service than competitors using the same amount of resources.
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