Total Allowable Catch Policies and Individual Transferable Quotas Both

question 250

Multiple Choice

Total allowable catch policies and individual transferable quotas both

• A) limit catch sizes and promote efficiency.
• B) limit catch sizes, but TACs promote inefficiency.
• C) promote efficiency, but only TACs limit catch sizes.
• D) promote efficiency, but only ITQs limit catch sizes.

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Definitions:

Infant-Industry

An economic rationale for trade protectionism arguing that new industries need to be shielded from international competition to allow them to grow and become competitive.

Infant-Industry Argument

The justification for protective tariffs to shield emerging domestic industries from international competition until they become competitive.

Free Trade

The policy of allowing goods and services to be traded between countries with few or no restrictions or tariffs.

General Agreement

A broad consensus or mutual understanding among parties on a specific set of terms or conditions in various contexts.