Quotas are
A. methods for reducing imports by limiting the quantity of goods from a specific country that can enter the country each year.
B. taxes on imports that raise their prices and reduce their attractiveness to domestic buyers.
C. voluntary agreements designed to reduce the harm to firms engaged in foreign trade.
D. subsidies to foreign producers to encourage them to trade.
A. methods for reducing imports by limiting the quantity of goods from a specific country that can enter the country each year.
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Nominal GDP is $15 trillion and real GDP is $10 trillion. What is the GDP deflator? Show your work
The table below shows the cyclically adjusted budget deficit as a percentage of GDP over a five-year period.YearDeficit(-)11.5%21.432.041.851.5Refer to the above information. In which year(s) was fiscal policy contractionary?
A. Year 3 only B. Years 2, 4, and 5 C. Year 2 only D. Years 1, 2, and 5
The relationship between quantity supplied and price is usually
A. a direct relationship. B. an inverse relationship. C. a negative relationship. D. impossible to determine.
Refer to the given figure and assumptions. If the government effectively prevents illegal immigrants from working in this labor market, the equilibrium wage and level of employment are, respectively:
(1) Employers in this market are willing and able to ignore minimum wage laws;
(2) S d represents the supply of domestic-born (and legal immigrant) workers; (3) S t represents
the total supply of workers in this labor market (S d plus illegal immigrants); and (4) unless
otherwise stated, illegal immigration is not effectively blocked by the government.
A. $5.50 and 250,000.
B. $5.50 and 350,000.
C. $8.00 and 350,000.
D. $5.50 and 450,000.