Which of the following is the best description of a quota?

An excise tax that is designed to place foreign producers at a competitive disadvantage in selling in domestic markets

A specification of the maximum amount of a product that may be imported in any period of time

Regulations and licensing related to the quality or safety of imported products

Agreements adopted by exporting nations to limit exports to another country


A specification of the maximum amount of a product that may be imported in any period of time

Economics

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A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300A change from combination C to B means that

A. 2 units of steel are given up to get 75 units of wheat. B. 1 unit of steel is given up to get 15 more units of wheat. C. 1 unit of steel is given up to get 75 units of wheat. D. 2 units of steel are given up to get 15 more units of wheat.

Economics

Consumer surplus in a market for a product would be equal to ________ if the market price was zero

A) zero B) the area under the demand curve C) the area between the supply curve and the demand curve D) the area above the supply curve

Economics

One popular definition of economics is the study of

a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.

Economics

If there is no single strategy that is best regardless of other players' behavior:

A. the dominant strategy will be to defect. B. there is no dominant strategy. C. a noncooperative equilibrium is the only possible outcome. D. the game is called a Prisoners' dilemma.

Economics