A tax imposed by a government on imports of a good into a country is called a
A) tariff.
B) quota.
C) value added tax.
D) sales tax.
Answer: A
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Linda Evangelista, a supermodel, once said that she "won't get out of bed for less than $10,000 a day." This fee is an example of
A) a reservation wage. B) the demand for Linda's labor. C) a competitive labor market. D) the substitution effect.
A $130,000 investment in new equipment this year will increase your firm's profits by $50,000 in each of the next 3 years. What is the net present value of this investment if your firm's opportunity cost of capital is 10 percent?
A) -5,657 B) 5,657 C) 124,343 D) 128,850
In the 1970's the Federal Reserve responded to an adverse supply shock. Its policy made
a. the recession that followed smaller and so provided a more favorable tradeoff between inflation and unemployment. b. the recession that followed smaller, but in doing so produced a less favorable tradeoff between inflation and unemployment. c. the recession that followed larger, but in doing so provided a more favorable tradeoff between inflation and unemployment. d. the recession that followed larger and also produced a less favorable tradeoff between inflation and unemployment.
According to the graph shown, what does P on the y-axis stand for?
A. Price of GDP B. Inflation rate C. Average price level D. Price of Y