An Official Agreement with Another Country to Restrict the Quantity

question 141

Multiple Choice

An official agreement with another country to restrict the quantity of its exports to the U.S. is

• A) a regional trade bloc.
• B) the quota system.
• C) a voluntary import expansion.
• D) a voluntary restraint agreement.

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Definitions:

Scarcity Principle

A psychological and economic principle stating that limited supply of a commodity increases its demand and perceived value.

Fast-approaching-deadline Technique

A time management strategy emphasizing the urgency and priority of tasks as deadlines approach, aiming to enhance productivity.

Scarcity

A situation in which unlimited wants exceed the limited resources available to fulfill those wants, often heightening the item's value.

Pique Technique

A persuasion strategy that aims to capture people's interest by making an unusual request or framing a proposition in an intriguing way.