Import quotas ________ the price of imported goods and ________ the quantity consumed in the nation imposing the quota
A) raise; increase
B) raise; decrease
C) lower; increase
D) lower; decrease
B
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According to this Application, what was the approximate value of Wal-Mart's value added in 2014?
A) $115 billion B) $286 billion C) $374 billion D) $661 billion
The above figures show the market for oranges. Which figure(s) shows the effect of a nation-wide consumer boycott of eating oranges?
A) Figure B B) Figure C C) Figures B and C D) Figures A and D
If a firm decides to produce a product that it once purchased from a firm upstream it has made a
A) horizontal decision. B) make or buy decision. C) downstream decision. D) sell or service decision.
In a market economy, what determines whether an entrepreneur will continue in business or terminate the production of a new product?
a. government regulations b. licensing by industrial development agencies c. the profit or loss of the business d. the taxes paid to the government relative to the subsidies received