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a consequence of a diversion of a
private cost (or benefit) from a social cost (or benefit). A situation
in which the costs (or benefits) of an action are not fully borne (or
gained) by the decision makers engaged in an activity that uses scarce
the contention that tariffs
should be imposed to protect from import competition an industry that is
trying to get started. Presumably, after the industry becomes
technologically efficient, the tariff can be lifted.
a government-imposed restriction
on the quantity of a specific good that another country is allowed to
sell in the united states. in other words, quotas are restrictions on
imports. These restrictions are usually applied to one or several
moving partially assembled
products into a member nation of a regional trade bloc, completing
assembly, and then exporting them to other nations within the bloc, so
as to benefit from preferences granted by the trade bloc.