If the Uk placed a limit on the amount of steel that could be imported into the UK in a particular period this would be an example of ?
Correct answer: A. a quota
- A. a quota
- B. dumping
- C. a tariff
- D. an export subsidy
Explanation
A quota is a direct quantitative limit on the amount of a good that may be imported during a period. A tariff restricts imports indirectly by imposing a tax on them.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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