A tariff is a
A. voluntary limit on sales of a foreign product in the domestic market.
B. tax on sales of a foreign product in the domestic market.
C. regulation of the quality of a foreign product sold in the domestic market.
D. legal limit on sales of a foreign product in the domestic market.
Answer: B
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U.S. net exports include
A) sales of Hollywood movies to the rest of the world. B) the production of Ford Mustangs in China that are sold in China. C) Honda automobiles produced and sold in Japan. D) the sale of shares of Nike stock on the New York Stock Exchange. E) the sale of U.S. government securities to U.S. citizens.
In a large open economy, an increase in ________ leads to ________
A) desired saving; an increase in the domestic interest rate B) desired investment; an decrease in the domestic interest rate C) desired saving; an increase in desired investment D) desired saving; a decrease in actual investment E) none of the above
One problem with constructing a perfectly complete realistic economic model is that
A) it would be too simplistic to have any value. B) it would be far too complicated to analyze. C) politicians see little value in such a model. D) None of the above is true.
Explain why very few of the many international commodity cartels that have been formed since World War I have survived.
What will be an ideal response?