An import quota specifies
A) the amount of funds that can be paid for any imported good.
B) the amount of taxes that must be paid on any imported good.
C) the maximum amount of an item that may be imported during a specified period.
D) the minimum amount of an item that may be imported during a specified period.
Answer: C
You might also like to view...
The Bank Act of 1935 restructured the Federal Reserve System (FRS) in which of the following ways?
(a) The FRS Board of Governors gained discretionary control over bank reserves and margin requirements for loans against securities. (b) The Governor's Committee was renamed the Federal Open Market which was comprised of 12 members, 7 of whom were governors on the FRS Board. (c) The secretary of the U.S. Treasury and comptroller of currency were removed from the FRS Board. (d) All of the above
If at an output of 4,000 units, Sloan Company is making an economic profit and marginal profit is $20 per unit, the firm should
A. reduce output to maximize total profit. B. increase output until marginal profit falls to zero. C. do whatever is necessary to increase marginal profit. D. There is not enough information to make a decision.
When a country participates in international trade, its consumption possibilities
A. Always exceed its production possibilities. B. Must still equal its production possibilities. C. May increase, but its trading partners consumption possibilities will decrease. D. Will increase if it is a rich country and will decrease if it is a poor country.
Automatic stabilizers will reduce tax revenues during recessions and increase tax revenues during periods of strong economic growth.
Answer the following statement true (T) or false (F)