An import quota is
A. a price floor.
B. a quantity restriction.
C. a price ceiling.
D. a direct tax on imports.
Answer: B
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Which of the following is not a determinant of a firm's cost functions?
A) The production function. B) The price of labor. C) The productivity of the firm's capital stock. D) The price of the firm's output.
If the MPS is 0.1 and the income tax rate is 0.33, and the fraction of income spent on imports is 0.25, then the multiplier is
A) 2.5. B) 1.47. C) 1.51. D) 1.55.
In 2016, if you earned $200,000 in income, you would pay approximately __________ in taxes to fund Social Security; if you earned $1,000,000 in income, you would pay approximately __________ in taxes to fund Social Security.
A. $94,200; $913,200 B. $14,700; $73,500 C. $7,350; $7,350 D. $12,400; $62,000
In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is
A) rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is. B) landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others. C) because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows. D) the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.