Related to the Economics in Practice on page 667: When a country lifts a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.
A. increase; rises
B. decrease; rises
C. decrease; falls
D. increase; falls
Answer: D
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How does the two-good, two-country version of the Ricardian model differ from the two-country, many-good model in terms of the determination which goods are produced and exported by each country?
What will be an ideal response?
State and local governments typically spend most of their budgets on providing
a. education. b. public goods. c. public welfare programs. d. police protection and administrative services.
The most likely substitute good for hot dogs would be:
A. burgers. B. potato chips. C. ketchup. D. a plate.
A firm's demand schedule for capital is
A. the marginal revenue product and marginal physical product schedule for capital. B. neither the marginal revenue product schedule nor the marginal physical product schedule for capital. C. the marginal revenue product schedule for capital. D. the marginal physical product schedule for capital.