The US Commerce Department Has Limited the Amount of Sugar

question 24

Multiple Choice

The US Commerce Department has limited the amount of sugar that can be imported.This is an example of a(n)

• A)quota.
• B)strategic alliance.
• C)joint venture.
• D)franchise agreement.
• E)export restraint agreement.

---

Definitions:

Majority Voting

A decision-making process where the option that receives the most votes from participants wins, often used in elections and organizational decisions.

Negative Externalities

Costs incurred by third parties not directly involved in an economic activity, for example, pollution affecting non-participating individuals.

Economically Inefficient Outcomes

Situations where resources are not allocated optimally, resulting in lost potential utility or value.

Economists

Professionals who study the production, distribution, and consumption of goods and services.