An agreement between two nations regarding quantities and terms of specific trade transactions is known as:
A)A preferential trade agreement
B)A voluntary export restraint
C)A free trade area
D)a bilateral agreement

Question

Quizplus · Accepted Answer

A bilateral agreement is an agreement between two nations regarding quantities and terms of specific trade transactions. A preferential trade agreement is a broader type of agreement that reduces tariffs, but may not necessarily specify quantities or terms of specific transactions. A voluntary export restraint is an agreement where one country voluntarily limits its exports to another country. A free trade area is a type of agreement between multiple countries to eliminate tariffs and trade barriers among themselves, but does not necessarily specify quantities or terms of specific transactions between two countries.

An Agreement Between Two Nations Regarding Quantities and Terms of Specific