By Restricting the Amount of a Good That May Be

question 13

Multiple Choice

By restricting the amount of a good that may be imported,quotas:

• A)increase the price,thus causing domestic producers to sell less than they would with free trade.
• B)lower the price,thus allowing domestic producers to sell more than they would with free trade.
• C)increase the price and allow domestic producers to sell more at a higher price than they would with free trade.
• D)lower the price,thus causing domestic producers to realize lower total revenue from the quota item.
• E)simply replace foreign production with domestic production.

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Definitions:

Global Market Share

The portion of the international market that a company controls, often expressed as a percentage of total global sales in its industry.

Creative Growth

The process of developing innovation and creativity, often leading to new ideas, products, or artistic expressions.

Majority Community

A demographic or social group in a society that represents the largest percentage of the population.

Person-Organization Fit

The degree to which an individual's values, personality, and work style align with the culture and requirements of an organization.