When a nation totally bans trade with another country, it is imposing a(n):
A. tariff.
B. embargo.
C. quota.
D. trade tax.
Answer: B
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What is the measure of the income earned by owners of resources used in making final goods and services?
a. personal income b. national income c. retained earnings d. gross domestic income
Perfectly competitive markets do not exist in the real world
Indicate whether the statement is true or false
Rising prices for a natural resource stimulate
A. the development of complements for the resource. B. the development of substitutes for the resource. C. the development of externalities from the resource. D. the tendency to consume before the resource expires.
The stable to declining quality of the labor force in the United States has been brought about by which of the following:
A. the increasing number of immigrants in the work force B. the decline in the quality of our education system C. the higher level of living D. the exodus of highly educated citizens