A key difference between import quotas and voluntary export restrictions (VERs) is that
A. the former requires cooperation from a foreign government or foreign producers, whereas the domestic government may unilaterally enact the latter.
B. one raises the price of the imported product involved, whereas the other does not.
C. the domestic government may unilaterally enact the former, whereas the latter requires cooperation from a foreign government or foreign producers.
D. one is a tax, whereas the other is a quantity limit.
Answer: C
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The PIA is generated with a formula such that
A. high-income earners receive the same as low-income earners. B. high-income earners receive less than low-income earners. C. higher-income earners receive more money but a lower proportion of their AIME than lower-income. D. higher-income earners receive the same proportion of AIMA as low-income earners.
If profit is commonly defined as "total revenue minus total cost," then
A) there is no way to measure losses. B) a negative profit implies a loss. C) losses can only be measured as "total cost minus total revenue." D) profits must always equal losses.
The United States uses tax funds to build and repair the interstate highway system and to provide health care services via Medicare. Suppose Medicare services are on the horizontal axis and highway miles are on the vertical axis of a PPF
If the government decides to reduce funding to Medicare, this change would be shown as A) a shift out of the PPF. B) the PPF becoming flatter. C) a movement down along the PPF. D) a movement up along the PPF.
If both the lender and borrower agree on an 8 percent interest rate, both expect a 4 percent inflation rate, and inflation turns out to be 4 percent, then ________ by the inflation.
A. the borrower gains and the lender is hurt B. both the borrower and lender are hurt C. neither the borrower nor the lender are hurt D. the borrower is hurt and the lender gains