A legal limit on the amount of sugar imported into the United States is
A. a tariff.
B. a voluntary import restriction.
C. a subsidy.
D. a quota.
Answer: D
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Demand-pull inflation can develop when
A. Inventories shrink and consumers bid up prices. B. Undesired investment occurs. C. There is a surplus of resources and so wages are bid up by employers. D. There is a shortage of investment and investors bid up interest rates.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If a rise in the price of good B increases the quantity demanded of good A
A) A and B are substitutes. B) A and B are complements. C) A is a substitute for B, but B is a complement to A. D) B is a substitute for A, but A is a complement to B.
The National Industrial Recovery Act (1933)
(a) did not permit businesses to set prices and production quotas. (b) established three advisory boards composed of government, Webb-Pomerene firms and members of the Federal Reserve System. (c) was thrown out by the Supreme Court in May 1935. (d) prohibited collective bargaining.