The Basic Difference Between a Tariff and Quota Is That

question 71

Multiple Choice

The basic difference between a tariff and quota is that:

• A)quota can be imposed both on imports and exports whereas a tariff can be imposed only on imports.
• B)quota yields revenue to the government whereas tariff does not yield any revenue.
• C)tariff reduces the import of the goods with greater certainty than quota as the amount of import restricted by quota depends on the price elasticity of demand for importable.
• D)tariff is a quantitative restriction on imports whereas quota is an import duty.
• E)a tariff raises the price of the product only in the domestic market whereas with a quota,both domestic and foreign producers receive a higher price.

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Definitions:

Phenazopyridine

A medication used to relieve symptoms caused by irritation of the urinary tract, such as pain, burning, and the urge to urinate.

Urinary Laboratory

A diagnostic room or department where urine samples are analyzed for medical purposes.

Specific Gravity

A measure of the density of a substance compared to the density of water.

Reflex Incontinence

A type of urinary incontinence where involuntary urination occurs due to a reflex without the sensation of needing to urinate.