A major difference between a tariff and a quota is that a tariff
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typically generates tax revenue, while a quota does not.
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A tariff differs from a quota in that a tariff is
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a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.
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Which of the following provides the foundation of the case for free trade?
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the law of comparative advantage
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A tariff can be defined simply as a
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tax on imports.
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In recent years, the largest trading partners of the United States have been
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Canada, Mexico, China, and Japan.
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The agreement of the United States, Canada, and Mexico to eliminate tariffs on the shipment of most products among the three countries is called the
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North American Free Trade Agreement.
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Which of the following has occurred since the North American Free Trade Agreement (NAFTA) took affect in 1994?
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(1)U.S. trade with both Mexico and Canada has increased.
(2)Employment in the United States is now substantially higher than before the agreement.
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Which of the following restricts the volume of international trade?
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quotas
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Which of the following has resulted from the North American Free Trade Agreement (NAFTA)?
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(1)trade between the United States and Mexico increased.
(2)trade between the United States and Canada increased.
(3)the joint output of the United States, Mexico, and Canada has increased.
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