A trade barrier whereby foreign firms agree to limit the quantity of exports to a particular country is called a:
A) quota.
B) tariff.
C) nontariff barrier.
D) voluntary export restriction.
Ans: D) voluntary export restriction.
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The figure above shows an education market in which the government is providing households with vouchers. In total, how much do the schools receive for a student?
A) $4,000 B) $8,000 C) $12,000 D) $16,000 E) $20,000
As the value of the Gini coefficient approaches zero
A) the percentage of the population under the poverty line decreases. B) the percentage of the population under the poverty line increases. C) income distribution becomes more unequal. D) income distribution becomes less unequal.
Which of the following is NOT a reason why economists usually work with mathematical models?
A. Because most economic choices are quantitative in nature. B. Mathematical models can provide precision, while quantitative models cannot. C. Mathematical modeling imposes intellectual rigor. D. Mathematical models can be used to settle disputes over normative economic questions.
In economics, what term is used to refer to having a lower opportunity cost than other producers?
a. effective exchange b. negative incentive c. comparative advantage d. comparable worth