Which of the following is the best example of a quota?
A) a subsidy from the U.S. government to domestic manufacturers of residential air conditioners to enable them to compete more effectively with foreign producers
B) a limit on the quantity of residential air conditioners that can be imported from a foreign country
C) a $150 fee imposed on all imported residential air conditioners
D) a tax placed on all residential air conditioners sold in the domestic market to help offset the impact of emissions on the environment
Answer: B
You might also like to view...
______ are end results that require action
a. Goals b. Attitudes c. Values d. Problems
The firm earns an economic profit whenever
a. price is less than average total cost b. marginal revenue exceeds total revenue c. average variable cost exceeds total revenue d. marginal cost minus average cost is positive e. price is greater than average total cost
The change in total costs due to a one-unit change in the production rate is
A. marginal cost. B. total variable cost. C. average total cost. D. total fixed cost.
Refer to the given data. Over the $10 to $8 range of wage rates, the demand for labor is:
A. perfectly elastic.
B. elastic.
C. unit-elastic.
D. inelastic.