Which of the following nontariff barriers (NTBs) may generate revenue for the government?
A. Domestic content requirement
B. Import quota
C. Voluntary export restraint
D. Government procurement
Answer: B
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Refer to Scenario 3 . Assume that in one day, two huts were built and 75 coconuts were gathered. What does this situation depict?
What will be an ideal response?
The big-push approach to economic development requires little government intervention
Indicate whether the statement is true or false
John's Bait Shop was surprised to learn that when it raised prices by 10 percent, total revenue was unaffected. This is because the elasticity for bait is
a. unit elastic. b. inelastic. c. elastic. d. Not enough information is given.
An economy is producing at the least-cost rate of production when:
A. marginal cost is greater than average total cost. B. price and marginal revenue are equal. C. price and the minimum average cost are equal. D. marginal revenue is greater than price.