Ralph Contracts to Sell His Double-R Ranch to Samantha on May

question 22

Multiple Choice

Ralph contracts to sell his Double-R Ranch to Samantha on May 1.On April 20,Ralph tells Samantha that he will not go through with the deal.Samantha can recover

• A)the cost of any property that Samantha would find suitable.
• B)the cost of a similar,nearby ranch.
• C)the Double-R Ranch.
• D)nothing.

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Definitions:

Import Quota

A government-imposed limit on the quantity or value of goods that can be imported into a country.

Tariffs

are taxes imposed by a government on imported goods, designed to protect domestic industries and to generate revenue.

Government Revenue

The total income received by the government from taxes and non-tax sources used to fund public spending.

Smoot-Hawley Tariff

A U.S. law enacted in 1930, which raised tariffs on thousands of imported goods, contributing to the severity of the Great Depression by stifling international trade.