Distinguish between a voluntary export restraint and a quota
What will be an ideal response?
A voluntary export restraint is an agreement negotiated between two countries that places a numerical limit on the quantity of a good that can be imported by one country from the other country. A quota is a numerical limit imposed by the government on the quantity of a good that can be imported into a country.
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Political incumbents often gain or lose re-election because of a strong or weak economy. Which of the following is an exception to that rule?
A) Al Gore B) George H.W. Bush C) Jimmy Carter D) Herbert Hoover
In the first years of the new nation, American producers
(a) found it difficult to compete with the British in manufactured goods. (b) quickly developed agricultural technology that was more efficient than that in England. (c) did not use British manufacturing technology because England had forbidden the export of its technology. (d) began to specialize in the production of manufacturing goods, selling them to England and Europe.