A quota is a:
a. tax on a specific quantity of imported goods.
b. limited number of foreign firms that can sell imported goods.
c. restrictive health and safety standard that raises costs.
d. tax on domestic producers so that they can make higher profits.
e. limit on the quantity of a good that can be imported.
e
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If an increase in income results in higher prices for yachts, we can conclude
A. that yachts are inferior goods. B. that there was a decrease in the supply of yachts. C. that there was an increase in the supply of yachts. D. that yachts are normal goods. E. there’s no relationship between income and the demand for yachts.
Sam Edison obtains a patent on his new invention: trinoculars. In the long run,
a. he can earn only a normal profit b. he may suffer an economic loss and stop producing c. his monopoly power guarantees him a positive economic profit d. he will achieve productive efficiency e. he will achieve allocative efficiency
If consumption spending is the only variable of aggregate expenditure dependent on income, the multiplier is MPC/(1 - MPC)
a. True b. False Indicate whether the statement is true or false
U.S. imports involve an:
A. outflow of foreign currency from the United States to foreigners. B. outflow of dollars from the United States to foreigners. C. inflow of foreign currency from foreigners to the U.S. economy. D. inflow of dollars from foreigners to the U.S. economy.