A legal restriction on the amount of a good that can be imported into a country is known as a
A. quota.
B. voluntary restraint agreement.
C. Domestic Protection Restraint (DPR).
D. tariff.
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
Ceteris paribus means "Let the buyer beware."
Indicate whether the statement is true or false
The theory of consumer choice examines how
a. firms make profit-maximizing decisions. b. consumers make utility-maximizing decisions. c. wages are determined in competitive labor markets. d. prices are determined in competitive goods markets.
Technology is a primary source of economies of scale for many firms.
Answer the following statement true (T) or false (F)