A quota is
A. a tax on exported items.
B. a tax on imported items.
C. a limit on the amount of imports.
D. a subsidy to export.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. When suppliers are not satisfied, they lower their prices to attract more demanders. 2. If the demand for a good is high, then there will be a shortage of that good. 3. The equilibrium price of a good will rise in response to either a rise in demand or a fall in supply. 4. When a sales tax of 50¢ per carton is imposed on cigarettes, the equilibrium price drops by precisely 50¢ per carton. 5. Suppliers of a commodity are better off whenever the legal incidence of a tax is shifted away from the suppliers to the demanders.
According to the graph shown, the market price is:
A. $11 B. $15 C. $9 D. $20
Other things the same, if the U.S. interest rate rises, what happens to the net capital outflow of other countries?
Which of the following is not held constant along a given demand curve for a good?
A. The price of substitute goods. B. Consumer's income. C. Price of the good itself (own price). D. Consumer tastes.