Country A limits its imports of a product to 50,000 units a year. Country B allows any amount of the product to be imported at a tax of 35 percent of value. Country C does not allow the product to be imported at all. Which of the following statements is true?
A) Countries A and C are imposing quotas on the product; and Country B is imposing a tariff.
B) Countries A and C are imposing embargoes on the product; and Country B is imposing a tariff.
C) Country A is imposing a tariff on the product; Country B is imposing a quota; and Country C is imposing an embargo.
D) Country A is imposing a quota on the product; Country B is imposing a tariff; and Country C is imposing an embargo.
Correct Answer:
Verified
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