A tax placed on imports is known as
A. tariff.
B. quota.
C. voluntary restraint agreement.
D. infant industry.
Answer: A
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Your teacher decides to play a game where every student must contribute a dollar. All money collected is distributed at the end of the game among the students. This is an example of a
A) positive-sum game. B) zero-sum game. C) strategy. D) negative-sum game.
High income countries have tariff policies that generally have
A. equal tariff rates and quotas for all imported items. B. higher tariff and quota protection on high technology products that compete with domestic firms. C. lower tariff and quota protection on products in agriculture, and clothing and textiles. D. higher tariff and quota protection on products in agriculture, and clothing and textiles.
If the economy is in a recession, the structural deficit should equal the cyclical deficit.
Answer the following statement true (T) or false (F)
Given the same price elasticity of supply, sellers would be able to pass along the largest portion of a 10 percent tax on which item?
A. D.Fish with a price elasticity of demand of 0.12 B. Pork with a price elasticity of demand of 0.73 C. Beef with a price elasticity of demand of 0.62 D. Chicken with a price elasticity of demand of 0.32