An Agreement Between the Importing Country and the Exporting Country

question 11

Multiple Choice

An agreement between the importing country and the exporting country for a restriction on the volume of exports is called a(n) :

• A) tariff.
• B) standards option.
• C) voluntary export restraint(VER).
• D) trade block.
• E) documentation requirement.

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Definitions:

Economic Standpoint

A perspective or analysis based on economic principles, often considering factors like scarcity, supply and demand, and cost-benefit analysis.

Inefficient Manner

Performance or operation in a way that does not achieve the best possible outcome or wastes resources.

Marginal Revenue

The supplementary income generated through the sale of one extra unit of a good or service.

Output

The total amount of goods or services produced by a company, industry, or economy in a given period.