An Import Quota

question 88

Multiple Choice

An import quota

• A)is preferable to a tariff since an import quota does not create a deadweight loss.
• B)is a tax on imported goods.
• C)reduces the welfare of domestic consumers.
• D)reduces the welfare of domestic producers.

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Definitions:

Express Trust

A trust explicitly created by a settlor, typically in writing, specifying the terms, beneficiaries, and trustees, as opposed to being created by implication or operation of law.

Intestate Succession

The legal process by which property is distributed by law to the heirs of an individual who dies without a valid will.

Joint Tenancy

A form of property ownership where two or more individuals hold equal shares and rights in the property, with a right of survivorship.

Memorandum

A written document or note that helps in remembering or conveying information, intentions, or understanding between parties.