An import quota is a
a. tax on imports
b. legal limit on the amount of a specific good that can be imported into a particular country
c. tax on import quantities above the legal limit
d. way to increase tariff revenues
e. legal incentive for members of GATT to increase their exports of a particular good
B
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The top 5 percent of U.S. annual family income in 2011 was $205,200 or more
a. True b. False Indicate whether the statement is true or false
The duopolists' dilemma refers to the situation in which:
A. duopolists would be better off maintaining high prices but face an incentive to choose a low price. B. duopolists can only earn high profits by breaking the law. C. duopolists who are engaged in price fixing have an incentive to report the behavior to the government. D. duopolists do not have a dominant strategy.
The real rate of interest can be defined as the
A. the market rate of interest expressed in today's dollars. B. nominal interest rate less the anticipated rate of inflation. C. anticipated rate of inflation less the nominal interest rate. D. nominal rate of interest less the unanticipated rate of inflation.
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If policy makers decide at time t5 that the economy is expanding too fast, but the policy changes start affecting the economy at t7, then the policy will be
A. optimal. B. ineffective. C. inappropriate. D. well timed.