An import quota
A) is a price ceiling imposed on an imported good.
B) is a price floor imposed on an imported good.
C) is a supply restriction limiting the quantity of a good that can be imported.
D) is a legislative requirement stating that firms which import some of their merchandise must hire a certain number of immigrant workers.
C
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An open economy refers to an economy with
A) no trade barriers. B) unrestricted immigration. C) no government intervention. D) international trade.
Given the information in Scenario 4.3, determine I
A) 0 B) 14 C) 24 D) 36 E) 48
If Country A exports a good to Country B, who is made better off?
a. The producers in Country A and the consumers in Country B b. The consumers in Country A and the consumers in Country B c. The producers in Country A and the producers in Country B d. The consumers in Country A and the producers in Country B e. Only the consumers in Country A will benefit from this trade agreement
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia's opportunity cost of producing one pound of beef is ________ computer(s).
A. 1/50 B. 25 C. 50 D. 1/25