Under A(n)_____,a Lower Tariff Rate Is Applied to Imports Within

question 65

Multiple Choice

Under a(n) _____,a lower tariff rate is applied to imports within the quota than those over the quota.

• A)tariff rate quota
• B)voluntary import restraint
• C)import tariff rent
• D)quota rent

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Definitions:

Incidental Beneficiary

A third party who unintentionally benefits from a contract made between two other parties, without having any enforceable rights under that contract.

Novation

A legal process where an old debt, obligation, or contract is replaced by a new one, effectively extinguishing the original agreement and substituting it with a new party or terms.

Obligor

An Obligor is the party in a contractual agreement who is bound to provide a specified performance to another party, the obligee.

Obligee

The party in a contractual agreement who is owed a duty or obligation by another party, the obligor.