The results of a U.S. quota on the importation of Japanese automobiles is likely to _______ for automobiles in the United States and _______ automobiles in Japan.
A) decrease the demand; increase the demand for
B) reduce the quantity demanded; increase the quantity demanded of
C) increase the quantity demanded; increase the quantity demanded of
D) increase the demand; decrease the demand for
Ans: B) reduce the quantity demanded; increase the quantity demanded of
You might also like to view...
In which year did GDP growth in Greece fall below -6 percent?
A. 2003 B. 2009 C. 2005 D. 2011
A firm's demand for labor curve is also called its
A) marginal revenue product of labor curve. B) marginal benefit of labor curve. C) marginal factor cost of labor curve. D) marginal valuation curve.
Which of the following is true for both perfect and monopolistic competition?
A) Firms produce a differentiated product. B) Firms face a downward sloping demand curve. C) Firms produce a homogeneous product. D) There is freedom of entry and exit in the long run.
Public choice analysis
a. assumes individuals in the public sector act in their own self-interests. b. assumes individuals seek to serve the public interest rather than their own personal interests. c. is the study of decision making in the formation and operation of private organizations. d. assumes the government is a corrective device that takes the necessary action to offset economic inefficiency arising from market failure.