An agreement negotiated by two countries that places a numerical limit on the quantity of a good that can be imported by one country from another country is called
A) an import quota. B) an export quota.
C) a non-tariff trade barrier. D) a voluntary export restraint.
D
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Define the term normal good. How can a normal good be recognized from
(i) the Engel curve diagram, (ii) the income elasticity of demand, and (iii) the substitution and income effects of a price change?
A decrease in people's disposable income
A) increases saving and decrease consumption. B) increases saving. C) increases investment demand. D) decreases saving. E) increases consumption.
If the market price is below the equilibrium price, forces will come into play to
a. move the price lower. b. move it to the equilibrium price. c. move it above the equilibrium price. d. increase the supply.
When an individual's MRP is not measurable, his or her market wage is usually determined by
A. The individual's comparable worth. B. The selling price of his or her output. C. His or her opportunity wage. D. The individual's MPP.