What is a quota?
A. a restriction on exports
B. a unit tax imposed on a product
C. a ceiling on the amount of a good or service that can be exported
D. a ceiling on the amount of a good or service that can be imported
Ans: D. a ceiling on the amount of a good or service that can be imported
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When firms in an economy start producing more computers and fewer televisions, they are answering the ________ part of one of the two big economic questions
A) "when" B) "for whom" C) "what" D) "where"
What method of inventory valuation should be used for economic decision-making problems?
a. book value b. original cost c. current replacement cost d. cost or market, whichever is lower e. historical cost
In 1991, the base year, GDP was 5000. In 1993 the GDP deflator was 106. We may conclude that
A. GDP rose to more than 5000 in 1993. B. GDP fell to less than 5000 in 1993. C. GDP remained at 5000 in 1993. D. None of the choices are correct.
You put money into an account and earn a real interest rate of 6 percent. Inflation is 3 percent, and your marginal tax rate is 20 percent. What is your after-tax real rate of interest?
a. 4.8 percent b. 5.4 percent c. 7.2 percent d. 4.2 percent.