Asked by Katey Dotson on Jul 06, 2024
Verified
Refer to Figure 9.5.1 above. In order to eliminate international trade in sugar altogether, this country would have to impose a quota of:
A) 0 tons.
B) 200 tons.
C) 300 tons.
D) 350 tons.
E) 500 tons.
International Trade
The exchange of goods and services between countries, involving exports and imports.
Quota
A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified period.
Sugar
A sweet-tasting, soluble carbohydrate used commonly as a sweetener in food and drinks.
- Appraise the impact of tariffs and quotas on domestic output, consumer expenditure, the inflow of imports, and the outflow of exports.
Verified Answer
CD
Chris DemasJul 08, 2024
Final Answer :
A
Explanation :
A quota of 0 tons would mean that no sugar is allowed to be imported, effectively eliminating international trade in sugar for this country.
Learning Objectives
- Appraise the impact of tariffs and quotas on domestic output, consumer expenditure, the inflow of imports, and the outflow of exports.