Which option best describes Voluntary Export Restriction? a. A program that allows reduction of an imported...

Which option best describes Voluntary Export Restriction?

	a.	A program that allows reduction of an imported product and increase in the price of that product, while reducing its sales.
	b.	A program that increase the exportation of a product decrease in the price of that product, while reducing its sales.
	c.	A program the allows an increase in export and import of a product and increase in the price of that product, while reducing its sales.
	d.	A program that allows reduction of an imported product and decrease in the price of that product, while reducing its sales.

Solutions

Expert Solution

The correct option is (b).

A program that increase the exportation of a product decrease in the price of that product, while reducing its sales.

Voluntary export restrictions:- As we know that, voluntary export restraint (VER) is a trade restriction on the quantity of a good that an exporting country is allowed to export to another country. This limit is self-imposed by the exporting country. Voluntary export restraints (VERs) fall under the broad category of non-tariff barriers, which are restrictive trade barriers, like quotas, sanctions levies, embargoes, and other restrictions. Typically, VERs are a result of requests made by the importing country to provide a measure of protection for its domestic businesses that produce competing goods, though these agreements can be reached at the industry level, as well.

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Rahul Sunny answered 3 months ago

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