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:

Close Corporation

A business with a limited number of shareholders and no public shares, often operated more informally than public corporations but with legal protections.

State Statutes

Written laws enacted by a legislative body at the state level.

Sole Proprietorship

A type of business entity that is owned and run by one individual, where there is no legal distinction between the owner and the business.

Benefit Corporation

A type of for-profit corporate entity, recognized by certain US states, that includes positive impact on society, workers, the community, and the environment in addition to profit as its legally defined goals.