Quotas Are

question 88

Multiple Choice

Quotas are

• A)methods for reducing imports by limiting the quantity of goods from a specific country that can enter the country each year.
• B)taxes on imports that raise their prices and reduce their attractiveness to domestic buyers.
• C)voluntary agreements designed to reduce the harm to firms engaged in foreign trade.
• D)subsidies to foreign producers to encourage them to trade.

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Definitions:

Utility Cost

The expense incurred for using utilities such as electricity, water, and natural gas in a business operation.

Total Cost

The sum of all costs associated with the production and delivery of a company's products or services, including both fixed and variable costs.

Manufacture Units

The process of converting raw materials into finished goods on a large scale, measured by units produced.

Least-squares Regression

A statistical method used to determine the line of best fit by minimizing the square of the differences between observed values and values predicted by a linear function.