Restrictions on Imports

question 163

Multiple Choice

Restrictions on imports

• A) eventually reduce exports, too.
• B) enhance economic welfare by encouraging more exports.
• C) are the quickest way for a country in recession to start on a path of economic recovery.
• D) usually have no long-run effects on an economy.

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Definitions:

Privity

The direct relationship between parties to a contract, conferring rights and obligations.

Warranties

Legal guarantees provided by the seller regarding the quality or performance of a product or service.

Implied Warranty

An implied warranty is a legal term for the assurances that are not explicitly stated but that the law infers that goods are fit for their intended purpose.

Subsequent Purchasers

Individuals or entities that acquire property after the first or original owner, subject to existing rights or covenants.