A quota is
A) a government-imposed restriction on the quantity of a specific good that can be imported into a country.
B) a tariff imposed on goods that are dumped into the home country.
C) a tariff imposed on goods that are subsidized by their domestic governments and exported to other countries.
D) a tariff based on the value of the imported good.
Answer: A
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At the national level, higher saving rates lead to ________ and higher standards of living.
A. greater investment B. slower growth C. greater current consumption D. crowding out
When negative externalities are involved, the market is said to
A. fail, because it underproduces the good connected with the negative externality. B. fail, because it overproduces the good connected with the negative externality. C. succeed, because it produces the socially optimal quantity of the good connected with the negative externality. D. be "in optimum," because the equilibrium fully adjusts for the negative externality.
Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit could be made. e. refuse to operate in the short run if an economic loss was present.
The term shutdown
a. and the term exit both refer to short-run decisions that a firm might make. b. and the term exit both refer to long-run decisions that a firm might make. c. refers to a short-run decision that a firm might make, whereas the term exit refers to a long-run decision that a firm might make. d. refers to a long-run decision that a firm might make, whereas the term exit refers to a short-run decision that a firm might make.