Limits on the quantity or total value of specific products imported to a nation are
A. export subsidies.
B. protective tariffs.
C. import quotas.
D. nontariff barriers.
Answer: C
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If society can produce more of one good but must forgo some of another good to do so, it is definitely achieving
A) both production and allocative efficiency. B) only production efficiency. C) only allocative efficiency. D) neither production nor allocative efficiency. E) None of the above answers is correct because when society must forgo another good to produce more of one good, then society might be production efficient or it might be allocatively efficient.
Define the quantity theory of money and show how it is related to the equation of exchange
What will be an ideal response?
Explain the relationship between price, short-run marginal cost, short-run average cost and long-run average cost in the final long-run competitive equilibrium condition. What are economic profits in this long-run equilibrium condition?
What will be an ideal response?
The value of exports minus the value of imports is called the:
A. trade value. B. net budget balance. C. balance of trade. D. net trade value.