Type of trade restriction that limits the amount of a particular good that may be imported into a country during a given period of time.
a. An Important quota
b. Foreign-exchange control
c. a tariff
d. an embargo
Ans: a. An Important quota
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Arthur is an unskilled worker who is currently unemployed. He has been offered a job that pays $40 a day, but he is currently receiving unemployment insurance benefits equal to $50 a day, so he chooses not to accept the job and to continue looking for a better job. Arthur is ________ unemployed.
A. cyclically B. structurally C. not D. frictionally
A decision to join a free trade association, such as NAFTA, is an example of ________ policy.
A. normative B. structural C. fiscal D. monetary
If a firm's demand curve falls below its AVC curve, then the firm should
A. shut down now. B. shutdown in the long-run. C. set price = marginal cost. D. operate in the short run but not the long run.
Refer to the above table. Suppose the price of a movie is $5 and the income of the consumer is $29. What are the quantities demanded of hamburger at prices of $2 and $1 respectively?
A. 0; 1 B. 1; 2 C. 3; 5 D. 2; 4