When governments specify the maximum amount of a good that may be imported in a given period of time, they are establishing a
A) tariff.
B) quota.
C) dynamic tariff.
D) tax.
E) dumping limit.
B
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In general, one would expect that life expectancies reflect international differences in income levels. Do the data support such a claim?
A) Average life span falls as relative poverty falls. B) Average life span increases as relative poverty falls. C) There is no statistically significant relationship between the two. D) The relation is not very strong. E) The relationship looks more like a U-shape.
How does an increase in the price level lead to a higher interest rate?
What will be an ideal response?
Firms may reasonably decide to cut prices if
A. profits are not likely to decline. B. marginal profit is not negative. C. MR > MC. D. All of the responses are correct.
Choosing between public or private provision of a good always lead to market efficiencies.
A. True B. False C. Uncertain