Which of the following is not an example of a trade restriction?
A) quotas and voluntary export restraints
B) tariffs
C) consumer preferences for goods produced domestically
D) legislation requiring that cars sold in a country have a 50 percent domestic content
C
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If the level of real GDP is $14 trillion while aggregate planned expenditure is $15 trillion, then
A) inventories rise more than planned, leading firms to increase production. B) real GDP increases and planned expenditure decreases reaching equilibrium in the middle. C) aggregate planned expenditure decreases to reach the equilibrium of $14 trillion. D) inventories fall more than planned, leading firms to increase production. E) inventories rise more than planned, leading firms to cut production.
A market for a product for which demanders are willing to pay more than costs of production may not arise because of:
a. high transactions costs. b. strict price controls. c. the inability of producers to gain economies of scale. d. foreign countries dominating a domestic market for a product.
In the Alcoa case, the Supreme Court abandoned the per se rule and established the rule of reason
a. True b. False Indicate whether the statement is true or false
Positive externalities include benefits received the seller but not benefits received by the buyer
a. True b. False Indicate whether the statement is true or false