If $7^{4x}=343$, what is the value of $7^{4x-3}$?
$7^{4x-3}$ can be written as $7^{4x}\cdot 7^{-3}$. Since we know that $7^{4x}=343$, we have $7^{4x-3}=343\cdot 7^{-3}=343\cdot \frac{1}{343}=\boxed{1}$.