An Official Agreement with Another Country to Restrict the Quantity

question 141

Multiple Choice

An official agreement with another country to restrict the quantity of its exports to the U.S. is

• A) a regional trade bloc.
• B) the quota system.
• C) a voluntary import expansion.
• D) a voluntary restraint agreement.

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Definitions:

Spotlight Question

A probing question designed to uncover deep insights, typically used to focus attention on specific issues during discussions or interviews.

Implied Warranty

A legal guarantee that a product will meet a minimum level of quality and functionality, assumed in a sale even if not expressly stated.

Express Warranty

An explicit guarantee by a seller regarding the condition, quality, or performance of the product being sold.

Consumer Good

Any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer.