Suppose that the country of Pacifica imposes a quota on bananas. The reason that the government imposed this trade restriction could be
A) that the government of Pacifica needs to increase its revenue.
B) lobbying from banana farmers in Pacifica.
C) comparative advantage.
D) Both answers A and B are correct.
B
You might also like to view...
In the above figure, the monopsony wage rate is ________ and the quantity of labor is ________
A) $7.00; 150 hours B) $8.00; 200 hours C) $6.00; 100 hours D) $8.00; 100 hours
Under what circumstances is a merger unlikely to be approved?
What will be an ideal response?
The slope of the consumption function is equal to
A) the change in national income divided by the change in consumption. B) the change in disposable income divided by the change in consumption. C) the change in consumption divided by the change in personal income. D) the change in consumption divided by the change in disposable income.
Which of the following indicates an input is being overused relative to the optimal level?
A. MRP = P of input. B. MRP > P of input. C. MRP < P of input. D. MPP > P of output.