A quota is a restriction that allows women and minorities to import a certain percentage of imports.
Answer the following statement true (T) or false (F)
False
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McCullough has a monopoly on rental dwellings in the local community. The demand for rental dwellings is QD = 70,000 - 50P ? P = 1,400 - 0.02 QD. The resulting marginal revenue function is MR(Q) = 1,400 - 0.04 QD
McCullough's marginal cost of providing rental dwellings is MC(Q) = 0.01Q + 20. Suppose that to ease the burden on renters, the local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling? Does social welfare increase as a result of the price ceiling?
How are the CPI and the GDP deflator alike? How do they differ?
The income elasticity of demand is (mathematically)
A. the percentage change in the portion of a person's budget that they will spend on a good divided by the percentage change in income. B. the percentage change in quantity demanded divided by the percentage change in income. C. the percentage change in income divided by the percentage change in price. D. the percentage change in quantity demanded divided by the percentage change in price.
Most favored nation (MFN) status means that a country treats another country
A) better than its other trading partners. B) the same as its other trading partners. C) worse than its other trading partners. D) any way it chooses since it is the "most favored nation." E) None of the above.