What is the difference between a tariff and a quota?
What will be an ideal response?
A tariff is a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.
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AK growth models argue that which type or types of capital may not be subject to diminishing returns?
A) only physical capital B) physical capital and human capital C) human capital and knowledge D) knowledge and physical capital
One of the major issues in the Uruguay round of GATT was
A. the placement of the WTO offices in Uruguay. B. the use of trade as a diplomatic weapon. C. the question of the Euro's convertibility. D. domestic content provisions for movies and television.
Quantitative easing occurs when a nation’s central bank uses monetary policy to:
Related to the Economics in Practice on p. 51: The Amazon Kindle and the electronic textbooks available for the Kindle are complementary goods. Electronic textbooks and traditional, hard-copy textbooks are substitute products. If the price of the Kindle decreases
A. the quantity of Kindles demanded increases and demand for electronic textbooks increases. B. demand for the Kindle increases and demand for traditional, hard-copy textbooks decreases. C. the quantity of Kindles demanded increases and the quantity of electronic textbooks demanded increases. D. demand for the Kindle increases and the quantity of electronic textbooks demanded increases.