If the Multifiber Agreement Had Used Tariffs Instead of Quotas

question 117

Multiple Choice

If the Multifiber Agreement had used tariffs instead of quotas,

• A)consumer surplus would have been higher.
• B)the deadweight loss for the United States would have been lower.
• C)textile prices would have been lower.
• D)apparel sales would have been higher.
• E)government revenue would have been reduced.

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Definitions:

Unpaid Leave

A period during which an employee is allowed to be absent from work without pay, often for personal, family, or medical reasons.

Transition To Parenthood

The period in which individuals or couples adapt to the roles and responsibilities of being parents.

Traditional Marital Roles

Conventional or culturally established roles and responsibilities assigned to spouses in a marriage, often differentiated by gender.

Division Of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.