A country that is limiting imports of a good by requiring a lengthy inspection process is using
A. tariffs.
B. non-tariff regulatory barriers.
C. quotas.
D. buy "American advertising."
Answer: B
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The U-shaped average total cost curve is
A) a result of firms' wanting to find the output level where cost is at its minimum. B) unrealistic because average total cost always increases as output increases. C) the result of average fixed cost falling and decreasing marginal returns as output increases. D) a result of constant marginal returns. E) a result of increasing marginal returns.
Sellers are sure the demand for their product is relatively inelastic at the price currently being charged
A) could increase their net revenue by raising the price. B) could increase their total revenue by lowering the price. C) would decrease their net revenue if they raised the price. D) would decrease their total revenue if they raised the price.
An economy can produce various combinations of food and shelter along a production possibilities curve (PPC). Suppose a technological innovation resulted in a new, higher-yielding crop that generated more bushels of grain for a given set of land, labor, and capital resources. If this innovation did not affect the productivity of shelter production, then which of the following would be true?
a. The production possibilities curve (PPC) will shift outward equally along both axes of the graph. b. The PPC will not change. c. The PPC will rotate outward along the food axis, but will not shift on the shelter axis. d. The PPC will rotate inward along the food axis, but will not shift on the shelter axis.
Which of the following shifts the long-run aggregate supply curve to the left?
a. either an increase in the price of imported natural resources or a reduction in trade restrictions. b. neither an increase in the price of imported natural resources or a reduction in trade restrictions. c. an increase in the price of imported natural resources and an increase in trade restrictions. d. an increase in trade restrictions and a decrease in the price of imported natural resources.