A government-imposed restriction on the quantity of a specific good that may be imported to and sold in the United States is called a
A) tariff system.
B) quota system.
C) reverse-trade system.
D) union trade system.
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. Incremental costs are the accumulated expenditures associated with an environmental policy initiative. 2. When implementing environmental policy, all expenses paid by the government plus compliance costs paid by all economic sectors are known as explicit costs. 3. Fixed costs are controllable in the short run but not the long run. 4. The accounting equivalent of variable costs is capital costs. 5. The value of reduced product variety due to an environmental policy initiative or regulation is an example of an implicit cost.
New growth theory assumes that
A) all inputs experience diminishing returns. B) only random technological advances produce growth. C) knowledge does not experience diminishing returns. D) None of the above answers is correct.
The monopolist's input demand curve is the
A) marginal revenue curve. B) marginal revenue product curve. C) marginal physical product curve. D) marginal factor cost.
Which of the following affects the rate of economic growth? a. the quality of available resources. b. the quantity of available resources. c. technological change
d. all of the above.