A Specific Unit or Dollar Limit Applied to a Particular

question 81

Multiple Choice

A specific unit or dollar limit applied to a particular type of good is called a(n) :

• A) tariff.
• B) quota.
• C) standard.
• D) embargo.
• E) boycott.

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Definitions:

Efficient Allocation

The process whereby resources are distributed in the most effective manner, maximizing the net benefits received by society.

Economic Profits

Economic profits are the total revenues of a firm minus the opportunity costs of all inputs, reflecting the surplus generated beyond the normal rate of return.

Partial Equilibrium

An economic analysis or condition where the equilibrium is studied for only a part of the market, keeping other parts constant.

Personal Computer Industry

A sector of the technology market that focuses on the manufacturing, distribution, and sale of personal computers and related software and hardware.