An import quota specifies
A) the amount of funds that can be paid for any imported good.
B) the amount of taxes that must be paid on any imported good.
C) the maximum amount of an item that may be imported during a specified period.
D) the minimum amount of an item that may be imported during a specified period.
C
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Suppose a firm can only vary the quantity of labor hired in the short run. An increase in the cost of capital will
A) increase the firm's marginal cost. B) decrease the firm's marginal cost. C) have no effect on the firm's marginal cost. D) More information is needed to answer the question.
In the absence of trade between the two countries, the price of rice in China in terms of radios would be
A. 1/2.
B. 2.
C. 150.
D. 300.
It is not true of economic profits that they
A. are a reward for bearing risks. B. are generally greater than accounting profits. C. are zero in a competitive market. D. are difficult to measure.
All of the following conditions must exist for the median-voter theorem to hold except that:
A. candidates win by majority vote. B. the policy being voted on must be uncontroversial. C. there is a single one-dimensional policy question. D. there are only two candidates.