If licensing restrictions are used to limit imports, this is an example of a:
A. Non tariff barrier.
B. Tariff.
C. Trade deficit.
D. Quota.
A. Non tariff barrier.
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
You turn to the Treasury bond market page of a newspaper and look under the column headed "Ask" and see that it says, "128:16" this indicates that
A. the price that the buyer is willing to pay for this bond is $128.16. B. the price that the buyer is willing to pay for this bond is $1,280.16. C. the price that the seller is willing to sell this bond for is $1,285. D. the price that the seller is willing to sell this bond for is $128.16.
Refer to Figure 13.3. If exchange rates are floating, fiscal policy designed to reduce the federal deficit and the typical Fed response to the change in inflation caused by the fiscal policy would best be represented by a movement from ________ in
panel (a) and a corresponding movement from ________ in panel (b). A) point A to point D; point X to point Y B) point C to point B; point X to point Y C) point D to point A; point Y to point X D) point B to point C; point Y to point X
The situation pictured in Figure 6.3
A) is one of increasing marginal returns to labor. B) is one of increasing marginal returns to capital. C) is not consistent with diminishing marginal product of labor or capital. D) shows constant returns to scale. E) shows diminishing marginal products of labor and capital.