A Limit on the Quantity of a Good Produced Abroad

question 124

Multiple Choice

A limit on the quantity of a good produced abroad that can be purchased domestically is called a(n)

• A)tariff.
• B)excise tax.
• C)import quota.
• D)None of the above is correct.

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Definitions:

Criticism

The expression of disapproval of someone or something based on perceived faults or mistakes, or the analytical evaluation of a work of art or literature.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to an increased interconnectedness of the world's economies, cultures, and populations.

Inequality

The unequal distribution of resources, opportunities, rights, and powers among individuals or groups in a society.

Wealth Tax

A tax based on the market value of assets owned, designed to target wealth disparity by taxing the richest fraction of the population.