An import quota protects domestic producers by
A) setting a limit on the amount of imports.
B) placing a prohibitive tax on imports.
C) encouraging competition among domestic producers.
D) increasing the total supply of the product.
A
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Which of the following distinctions helps to explain the difference between relevant and irrelevant cost?
A) accounting cost vs. direct cost B) historical cost vs. replacement cost C) sunk cost vs. fixed cost D) variable cost vs. incremental cost
Which of the following is an economic goal of a nation?
a. High inflation b. High mortality rate c. Trade deficit d. Low unemployment
If the cross-price elasticity of demand between fish and chicken is 2, then a 2% increase in the price of fish will result in a ________ in the quantity of chicken demanded.
A. 10% increase B. 4% increase C. 1% increase D. 20% decrease
Dividends are payments made to bondholders.
Answer the following statement true (T) or false (F)