A direct restriction on the quantity of an import is called a(n):

A) quota.
B) tariff.
C) import subsidy.
D) import restriction.


Ans: A) quota.

Economics

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Income elasticity of demand describes how change in income affects the quantity demanded of a good

a. True b. False Indicate whether the statement is true or false

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The automobile, steel, and oil markets are all examples of:

A. perfectly competitive markets. B. monopolies. C. monopolistically competitive markets. D. oligopolies.

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Contractionary fiscal policy in the United States will increase the Japanese trade surplus.

Answer the following statement true (T) or false (F)

Economics

Which of the following is an example of an external cost?

A. Automobile exhaust fumes. B. Eating a sandwich at a local deli C. Unfair pricing behavior by a monopoly. D. Unemployment.

Economics