A numerical limit imposed by a government on the quantity of a good that can be imported into the country is called a
A) barricade.
B) quota.
C) tariff.
D) quantity floor.
Answer: B) quota.
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The figure above shows that as a result of the tariff, producer surplus in the United States
A) decreases by $105 million per year. B) increases by $55 million per year. C) decreases by $30 million per year. D) decreases by $20 million per year. E) remains unchanged.
A stockholder’s investment is usually riskier than a bondholder’s.
Answer the following statement true (T) or false (F)
The term "dirty float" is used to describe:
a. international agreements about fishing rights that were developed in the 1960s. b. the system of exchange rates, which relies primarily on market forces with limited government intervention. c. the inflation that followed price controls implemented by the Nixon administration. d. unsound monetary policy.
Constant returns to scale exist over the range of output for which the long-run average cost is:
a. neither rising or falling. b. falling. c. rising. d. none of these.