A limit on the quantity of a good that may be imported in a given time period is
A. An import allocation.
B. A tariff.
C. A comparative advantage.
D. An import quota.
Answer: D
You might also like to view...
Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters, plumbers, and electricians
All else constant, we can predict, with certainty, that in the market for new homes the equilibrium: A) quantity of new homes will decrease. B) quantity of new homes will increase. C) price of new homes will decrease. D) price of new homes will increase.
_____ is the decline in value over time of capital equipment
a. Bracket creep b. Inflation c. Depreciation d. Diminishing productivity
Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store selling spot remover to Dalmatians. He invested $10,000 in the store, which had been in savings earning 5 percent interest. This year's revenues in the new business were $50,000 . and explicit costs were $10,000 . Calculate Ernie's economic profit
a. $10,000 b. $50,000 c. $20,000 d. $40,000 e. $9,500
The breakdown of the Bretton Woods system occurred because
a. the world economy was basically unhealthy b. the collapse of world gold production undermined the operation of the system c. the gold value of the dollar exceeded the exchange value, causing an outflow of the gold d. the dollar was undervalued e. of the greed of the highly industrialized and wealthy countries of the world