When a country imposes an import quota, its

a. imports fall and its net exports rise.
b. imports fall and its net exports are unchanged.
c. imports rise and its net exports are unchanged.
d. imports and exports are unchanged.


b

Economics

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Why do economists like competitive markets?

A. Competitive markets result in optimal and efficient levels of production. B. Competitive markets result in lower levels of production. C. Competitive markets are the best way to allocate every good or service. D. Competitive markets result in high prices and profit for sellers.

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If real GDP is less than potential GDP, the economy is

A) not in macroeconomic equilibrium. B) at full employment. C) in an above-full-employment equilibrium. D) in a below-full-employment equilibrium.

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Which of the following is the primary tool the Fed uses to control the supply of money?

a. the discount rate b. the reserve requirements c. open market operations d. the 30-year home-mortgage interest rate

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Logrolling

A) is vote trading among elected officials. B) eliminates the influence of special interest groups. C) puts downward pressure on federal spending. D) b and c E) all of the above

Economics