A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies
A) import ban B) tariff
C) import quota D) voluntary export restraint
D
You might also like to view...
If strong aggregate demand is pushing the economy beyond potential real GDP, which of the following must be true?
A) Expansionary monetary policies will push the economy back to the long-run Phillips curve. B) The economy is at an equilibrium that is not on the long-run Phillips curve. C) The economy is at an equilibrium that is on the long-run aggregate supply curve. D) The economy is at an equilibrium that is on the long-run Phillips curve.
Which of the following is a possible reason for governments to regulate business operations?
a. To increase monopoly profits b. To reduce the amount of information consumers have about a product c. To increase negative externalities d. To promote competitive behavior e. To decrease positive externalities
A “backstop resource” is a close substitute for a depletable resource that is available in almost unlimited supply but at a higher cost. Shale oil is a backstop resource for crude oil. Which of the following statements is correct?
A. The production of shale oil is likely to increase over time even if crude oil is still available. B. Shale oil is unlikely to be produced until all the crude oil has been depleted. C. The existence of shale oil as a backstop resource will discourage firms from seeking new reserves of crude oil. D. In the future, shale oil is likely to be produced at the same time as crude oil and to sell for a lower price.
The process through which an economy's production possibilities curve is shifted outward is:
A) comparative advantage. B) economic growth. C) full employment. D) specialization.