The Main Purpose of Most Tariffs and Quotas Is to

question 8

Multiple Choice

The main purpose of most tariffs and quotas is to

• A)raise revenue for the government.
• B)reduce the prices consumers pay for goods and services.
• C)reduce the foreign competition that domestic firms face.
• D)improve the quality of goods and services imported into the country.

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Definitions:

Time Charge

A billing method where a service provider charges a client based on the amount of time spent on a particular task or project.

Time And Material Pricing

A pricing method where a project is billed based on the actual time spent and the materials used.

Body Shop

Typically refers to a repair shop specializing in the repair and finishing of automobile bodies.

Cost-Plus Pricing

A pricing strategy where the selling price is determined by adding a specific markup to a product's total cost.