The maximum amount of a good that may be imported during a specified period of time is
A) an infant industry agreement.
B) an import quota.
C) dumping.
D) comparative advantage.
Answer: B
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The supply curve for a monopolist
a. is its marginal cost curve b. is vertical because there are no close substitutes for its product c. is horizontal because there are no close substitutes for its product d. slopes upward e. does not exist
The political business cycle refers to the possibility that:
a. incumbent politicians will be reelected regardless of the state of the economy. b. politicians will manipulate the economy to enhance their chances of being reelected. c. there are more recessions prior to elections. d. recessions coincide with election years.
Which of the following terms describes how a good is produced in stages?
a. supply chain b. value chain c. supply trade d. value trade
Which of the following would cause the sharpest decrease of price?
a. Supply decreases; demand is unchanged. b. Supply increases; demand decreases. c. Supply increases; demand is unchanged. d. Supply increases; demand increases.