Microeconomics Study Set 20
Quiz 9: Comparative Advantage and the Gains From International Trade
A Tariff Is a Numerical Limit on the Quantity of a Good
A tariff is a numerical limit on the quantity of a good that can be imported.
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Free trade refers to trade between countries without government restrictions.
The U.S.economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.
A quota is the same as a voluntary export restraint.
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