An import quota is a
a. legal limit on the quantity of a good that can be imported per year
b. legal requirement that a specified percentage of a final good's value must be produced domestically
c. legal requirement that exports to a certain country must exceed a specified value before that country's product may be imported
d. percentage tax on an imported product
e. lump-sum tax on an imported product
A
You might also like to view...
Three workers run a house painting business and always work the same number of hours together. The paint they use requires applying two coats. Each worker paints 200 square feet per hour using a roller or 80 square feet per hour using a brush. If a technological advance provides a paint that only requires one coat, their average labor productivity per hour as a team:
A. increases. B. remains the same. C. may either increase or decrease. D. decreases.
Antitrust law is the law that regulates ________ and prevents them from becoming ________
A) oligopolies; monopolies B) monopolies; oligopolies C) monopolistically competitive firms; oligopolies D) oligopolies; monopolistically competitive firms
Aggregate supply grows over time because of growing consumer and government spending
a. True b. False Indicate whether the statement is true or false
The economy's inflation rate is the
a. price level in the current period. b. change in the price level from the previous period. c. change in the gross domestic product from the previous period. d. percentage change in the price level from the previous period.