An import quota for sugar results in an increase in
A) the domestic market price of sugar.
B) the domestic demand for sugar.
C) the domestic market supply of sugar.
D) sugar imports.
Answer: A
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The size of the labor force in a country is equal to the:
A) number of unemployed workers in the country. B) number of employed workers plus the number of unemployed workers in the country. C) number of employed workers in the country. D) number of employed workers minus the number of unemployed workers in the country.
A tax that is imposed on an imported good is called a
A) tariff. B) quota. C) government license. D) patent.
Suppose two types of consumers buy suits. Consumers of type A will pay $100 for a coat and $50 for pants. Consumers of type B will pay $75 for a coat and $75 for pants. The firm selling suits faces no competition and has a marginal cost of zero. If the firm charges $100 for a suit (which includes both pants and a coat), the firm will sell a suit to:
A. type A consumers. B. type A consumers and type B consumers. C. type B consumers. D. None of the answers are correct.
Price floors in agriculture lead to
A) efficient farming techniques being employed. B) surpluses of supported farm products. C) more competition in farming. D) the most efficient market solution.