The Difference Between an Import Quota and a Tariff That

question 107

Multiple Choice

The difference between an import quota and a tariff that results in the same domestic price is

• A)none; they are the same
• B)the quantity demanded is higher under the tariff
• C)the world price is higher under the quota
• D)the tariff revenue goes to the domestic government; quota benefits may go to foreigners
• E)none because both quotas and tariffs are illegal

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Definitions:

Progressive

Pertaining to policies or ideas that aim for social improvement by advocating for change and reform, often focusing on fairness, equality, and innovation.

Empowered

Having the confidence, resources, and authority to make decisions and take actions in both personal and professional settings.

Taylor's Scientific Management

A management theory developed by Frederick W. Taylor, focusing on improving economic efficiency, especially labor productivity.

Benchmarking

The act of evaluating company operations and performance standards against the top achievers in the industry and the optimal practices of other businesses.