Which of the following statements is true about voluntary export restraints (VERs)?
A. VERs benefit consumers by limiting import competition.
B. VERs reduce the domestic price of an imported good.
C. When imports are limited to a low percentage of the market by a VER, the price is bid up for that limited foreign supply.
D. Foreign producers agree to VERs because they fear economic instability in the world economy.
E. VERs negatively affect domestic producers by increasing import competition.
C
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A manufacturing budget shows the budgeted costs for direct materials, direct labor, and overhead. It is based on the ____________________________ from the production budget.
Fill in the blank(s) with the appropriate word(s).
Domestic-based export agents perform a valuable service for companies seeking to enter foreign markets. The primary function of these agents is to ________
A) carry on exporting activities on behalf of several producers B) buy the manufacturer's products and then sell them abroad C) buy foreign products and sell them in the domestic country D) seek and negotiate foreign purchases for a commission E) produce and export products to foreign countries