Limits on the Quantity or Total Value of Specific Products

question 1

Multiple Choice

Limits on the quantity or total value of specific products imported to a nation are

• A) import quotas.
• B) protective tariffs.
• C) nontariff barriers.
• D) export subsidies.
• E) export quotas.

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Definitions:

Geographical Pricing

A pricing strategy where the price of a product varies depending on the geographical location or market.

Predatory Pricing

A competitive strategy in which a business sets extremely low prices to eliminate competition and monopolize the market.

Bait and Switch

A deceptive marketing strategy where a customer is lured by the advertisement of a low-priced item but then is encouraged to buy a more expensive one.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," indicating that the buyer assumes the risk for the quality of goods purchased, unless protected by warranty.