"A tariff differs from a quota in that a tariff is: Select one: a. levied on imports, whereas a quota is imposed on exports. b. levied on exports, whereas a quota is imposed on imports. c. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can be exported. d. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.

tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported. (D)

Explanation:

Protectionism is the act of protecting local firms from foreign competition. It helps in the growth of infant industries and can also be used to prevent dumping in a country. Some forms of protectionism used are tariffs, quotas etc.

A tariff is a tax imposed on imports. When a tariff is imposed on imports, it leads to an increase in the price of the good as it is an additional cost to the producer. A quota is a limit to the number of goods that can be brought into a country.

was my answer wrong?

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

just took it 100%