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Which statement BEST reflects the difference between tariffs and quotas? A) Tariffs raise prices on exports, while quotas set limits on imports. B) Tariffs raise prices on imports, while quotas set limits on exports. C) Tariffs raise prices on exports, while quotas set limits on exports. D) Tariffs raise prices on imports, while quotas set limits on imports.
"D) Tariffs raise prices on imports, while quotas set limits on imports" is the best possible response but it should be noted that quotas can be set on exports as well, in rare cases.
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