A quota is
A. a government-imposed restriction on the quantity of a specific good that can be imported.
B. a market-imposed balancing factor that keeps prices of imports and exports in equilibrium.
C. a law that prevents ecologically damaging goods from being imported into a country.
D. a tariff imposed on goods that are dumped in the country.
Answer: A
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In the figure above, governments
A) collect taxes. B) coordinate economic activities of households and firms. C) hire factors of production. D) own factors of production. E) sell goods and services to household.
Refer to Figure 4-3. What area represents the deadweight loss at P2?
A) G + H B) C + E + H C) C + E D) B + C
In reality, commercial banks function most like ____ of the district Federal Reserve Banks.
A. stockholders B. regulators C. customers D. competitors
Economists estimate that decreasing barriers to migration by just 5 percent will:
A. decrease economic welfare of receiving countries by more than 5 percent. B. increase economic welfare by more than lifting restrictions on capital mobility in their entirety. C. decrease economic welfare of the countries that would lose their citizens to richer countries by trillions of dollars. D. increase economic welfare of sending countries by trillions of dollars.