What is an import quota?
What will be an ideal response?
An import quota is a government-imposed limit on the quantity of a good that can be imported.
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compared to simple pricingCompared to a perfectly competitive market, a monopolist will produce _____ and charge a _____ price.
a. less; higher b. less; lower c. more; higher d. more; lower
Money is defined as
A) a by product of a barter economy. B) any financial instrument that is backed by gold. C) anything people generally accept in exchange for goods and services. D) a person's net worth.
A recent decline in interest rates made home construction more affordable for many families. The consequent increase in construction produced a rightward shift in the demand curves for construction materials. Economists would say that the change in demand for materials is due to
a. the principle of marginal productivity. b. rent seeking. c. diminishing marginal returns. d. derived demand.
Figure 4-10
Refer to . The accompanying graph shows the market for a good before and after an excise tax is imposed. The total tax revenue generated is indicated by
a.
area A + area B + area D.
b.
area A + area B + area C.
c.
area A + area B.
d.
area D only.