When only a specified amount of a good can be imported into a country during a year, that good is subject to a(n)
A. subsidy.
B. tariff.
C. quota.
D. export restriction.
C. quota.
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The national debt is best described as the:
a. amount by which this year's federal spending exceeds its taxes. b. value of all U. S. Treasury bonds owned by foreigners. c. sum of all federal budget deficits, past and present. d. percentage of GDP needed to finance a country's investment.
The prisoner's dilemma arises when people have an incentive to let others pay for the public good and then take advantage of those purchases made by others
a. True b. False Indicate whether the statement is true or false
When demand is inelastic, an increase in price will cause
a. an increase in total revenue. b. a decrease in total revenue. c. no change in total revenue but an increase in quantity demanded. d. no change in total revenue but a decrease in quantity demanded.
If a firm is a price taker, the demand curve faced by the firm is:
A. horizontal. B. vertical. C. downward sloping. D. upward sloping.