An import quota
A) is a price ceiling imposed on an imported good.
B) is a price floor imposed on an imported good.
C) is a supply restriction limiting the quantity of a good that can be imported.
D) is a legislative requirement stating that firms which import some of their merchandise must hire a certain number of immigrant workers.
Answer: C
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The value added of a producer is the
A) total amount for which all its products sell minus its change in inventories. B) value of its total sales once externalities are accounted for. C) value of its output minus the value of the inputs it purchases from other producers. D) quality-adjusted amount of its total sales less any commissions paid.
We see permanent price differentials in land because
a. the demand for land is high b. land has few uses c. location is the inherent quality that often determines its value d. real estate brokers are inefficient e. land is not traded in free markets
The percentage share of income of the bottom quintile on curve X is
A. 0.
B. 5.
C. 10.
D. 15.
Based on this supply and demand curve, how does a tax affect buyers?
a. decreases the price they must pay
b. increases the price they must pay
c. raises their demand for the product
d. builds supply of the product available to them