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:

Seniority

The concept of recognizing or prioritizing individuals based on their length of service or duration in a position or organization.

Union Contracts

Legally binding agreements between labor unions and employers that outline wages, hours, benefits, working conditions, and other employment terms.

Open Door Policy

A business strategy or principle that allows for transparency and open communication within a company or organization.

Due Process Rights

Legal guarantees that ensure fair treatment through the normal judicial system, especially as a citizen's entitlement.