A quota is
A. a tariff based on the value of the imported good.
B. a tariff imposed on goods that are subsidized by their domestic governments and exported to other countries.
C. a government-imposed restriction on the quantity of a specific good that can be imported into a country.
D. a tariff imposed on goods that are dumped into the home country.
Answer: C
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Advances in financial technology
A) must increase the demand for money. B) might increase or decrease the demand for money. C) must decrease the demand for money. D) affect only the supply of money. E) have no effect on the demand for money or on the supply of money.
Read the following statements and determine if they are true or false
I. According to the quantity theory of money, an increase in the growth rate of the quantity of money increases inflation in the long run. II. Historical and international data show that there is no correlation between inflation and money growth. A) I and II are both true. B) I and II are both false. C) I is true and II is false. D) I is false and II is true.
Explain how the market for gasoline would react to this price ceiling if the oil-producing nations increased production and drove the equilibrium price of gasoline to $2.50 a gallon. Would the U.S. gasoline market be effi-cient?
What will be an ideal response?
A set of ideas about the economy that have been organized in a logical framework is called
A) empirical analysis. B) a methodology. C) economic theory. D) data development.