A Limit on How Much a Firm Can Export to a Foreign

question 22

Multiple Choice

A limit on how much a firm can export to a foreign country is called a(n)

• A)import tax.
• B)tariff.
• C)quota.
• D)dumped supply.

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of any additional dollar of income that will be paid in taxes.

State-Run Lotteries

Government-operated lotteries, which serve as a revenue source for the state, typically contributing to public sectors such as education.

Higher-Income Families

Refers to households that have an income level significantly above the median or average income for their area or country.

Local Governments

Governmental authorities that operate at a level below the state or national, managing local affairs such as city, town, or village administration.