Suppose a Nation Agrees to Limit Its Own Exports by Imposing

question 8

Multiple Choice

Suppose a nation agrees to limit its own exports by imposing quotas on its own firms in order to keep their revenues high, keep from breaking WTO rules, and pacify protectionist interests in the import nation. Which of the following terms describes this practice?

• A) lost profit opportunities
• B) reverse import restrictions
• C) voluntary export restraints
• D) deadweight welfare loss

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Definitions:

Collegial Inclusiveness

The practice of ensuring participation, respect, and equal opportunities for all members within a professional community or organization.

Judgment

A cognitive process where conclusions are made based on criteria and evidence.

Self-governing

Having the ability or authority to rule, govern, or control oneself or an organization without external control.

Scope of Practice

The boundaries defining the extent of activities, services, and responsibilities a professional is permitted to perform based on qualifications, training, and licensure.