Assume That a VER (Voluntary Export Restraint) Is Imposed on an Imported

question 92

Multiple Choice

Assume that a VER (voluntary export restraint) is imposed on an imported product. The difference between the domestic price and the world price is captured by:

• A) The government
• B) Foreign exporters
• C) Domestic consumers
• D) Domestic workers

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Definitions:

Correct Figure

Accurate numerical representation or data that correctly reflects a specified measurement, value, or calculation.

Valid Contract

An agreement between two or more parties that is enforceable by law, containing all necessary elements like offer, acceptance, consideration, and legality of purpose.

Voluntary

Pertains to actions or decisions made by an individual or entity based on their own will without external coercion.

Knowing

Possessing knowledge, awareness, or understanding, particularly in contexts where such awareness implies responsibility or acknowledgment of facts.