A numerical limit imposed by a government on the quantity of a good that can be imported into the country is called a
A) barricade. B) quota. C) tariff. D) quantity floor.
B
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The use of purchasing power parity prices
A) decreases the real GDP per person statistics published by the International Monetary Fund. B) weakens the validity of cross country comparisons of economic welfare. C) increases the amount by which U.S. GDP is larger than that of any other nation. D) accounts for differences in the prices of the same goods in different countries when measuring real GDP.
Special drawing rights (SDRs) are
A) a reserve asset created by the International Monetary Fund that countries can use to settle international payment obligations. B) a liability payment from a branch bank to a nation's central bank. C) a country's surpluses in their fiscal budgets. D) exchanges of gold between nations.
Which of the following statements is true?
A. Corner solutions always satisfy the tangency condition. B. Interior solutions may or may not satisfy the tangency condition. C. Interior solutions always satisfy the tangency condition. D. Whenever the consumer purchases good X but not good Y, then MRSXY ? PX/PY at the chosen bundle.