Question 132 out of 2 points the fundamental

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Question 132 out of 2 pointsThe fundamental difference between quotas and import licenses as a means of controlling imports is that:Selected Answer:import licenses have greater flexibility over quotas.Answers:import licenses have greater flexibility over quotas.quotas impose specific limitations on trade, and import licenses take care of standards.quotas are imposed on export goods, and import licenses are imposed on import goods.for quotas, the exporting country sets the limits, but licenses are issued by the importing country.unlike licenses, quotas limit quantities on a case-by-case basis.
Response Feedback:The fundamental difference between quotas and import licenses as a means of controlling imports is the greater flexibility of import licenses over quotas.AACSB: Analytical ThinkingAccessibility: Keyboard Navigation
Blooms: UnderstandDifficulty Level: 2 MediumLearning Objective: 02-04 The several types of trade barriersTopic: ProtectionismQuestion 142 out of 2 pointsRandall, a protectionist, has seen several small businesses go bankrupt because they were unable to compete with the cheaper prices of goods provided by foreign companies. The cell-phone manufacturing industry has just started in the United Kingdom, and Randall's company is one of the first to try its hand at cell-phone manufacturing. Which of the following arguments is most likely to be used by Randall to persuade his government to restrict the import of foreign cell phones from foreign companies?
AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: ApplyDifficulty Level: 3 HardLearning Objective: 02-03 The effects of protectionism on world tradeTopic: ProtectionismQuestion 152 out of 2 pointsThe _____ of the balance-of-payments statement is most likely to record all exports and imports of gold, increases or decreases in
foreign exchange, and increases or decreases in liabilities to foreign central banks.
Response Feedback:The reserves account of the balance-of-payments statement is a record of exports and imports of gold, increases or decreases in foreign exchange, and increases or decreases in liabilities to foreign central banks.AACSB: Analytical ThinkingAccessibility: Keyboard NavigationBlooms: RememberDifficulty Level: 1 EasyLearning Objective: 02-02 The importance of balance-of-payment figures to a country's economyTopic: Balance of Payments

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