A government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. is
A) a regional trade bloc.
B) an import quota.
C) a voluntary import expansion.
D) a voluntary restraint agreement.
Answer: B
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Since a firm in perfect competition is a price taker, the demand curve for the firm's product is a horizontal line
a. True b. False Indicate whether the statement is true or false
When a $500 check is cleared from Bank A to Bank B, the M2 money supply:
a. Increases permanently. b. Falls permanently. c. Does not change.
The problem with applying monetary policy to the housing bubble affiliated with the recession of 2007–2008 was that the bubble was recognized______.
a. too late to take action b. so far in advance that the actions taken were excessive c. in time, but no action was taken d. in time, but underestimated
The decreasing portion of a firm's long run average cost curve is attributable to:
A. diminishing returns to scale. B. increasing marginal cost. C. economies of scale. D. diseconomies of scale.