An import quota is:
A. a limit on the amount of a particular good that can be exported.
B. a tax on the good or services that are imported.
C. a limit on the amount of a particular good that can be imported.
D. None of these is true.
Answer: C
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In Africa, which of the following policies has been most successful at increasing elephant populations?
a. Banning the ivory trade by making the buying and selling of ivory illegal. b. Making elephants the common property of the people of the country through government ownership and control and making the killing of elephants illegal c. Allowing private ownership of elephants and making the ivory trade legal d. When used together, the policies in a and b have been more successful than the policy in c.
When inflation rises, people
a. make less frequent trips to the bank and firms make less frequent price changes. b. make less frequent trips to the bank while firms make more frequent price changes. c. make more frequent trips to the bank while firms make less frequent price changes. d. make more frequent trips to the bank and firms make more frequent price changes.
Unlike implicit costs, explicit costs:
A. reflect opportunity costs. B. include the value of the owner's time. C. are not included in the accounting statement of the firm. D. are actual cash payments.
When the price of bread increases by 3 percent, the quantity demanded of crackers increases by 2 percent. The cross elasticity of demand between crackers and bread is:
A. 0.67. B. 1.5. C. 2.5. D. 3.2.