An import quota is a tax on imports
Indicate whether the statement is true or false
false
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A market where goods are sold in violation of governmentally-imposed restrictions is a(n)
A) black market. B) export market. C) rent-seeking market. D) deadweight market.
If a firm is earning short-run economic profits shown in the above figure, in the long run
A) firms exit the industry, the market supply curve shifts rightward, and the market price falls. B) firms enter the industry, the market supply curve shifts rightward, and the market price falls. C) firms exit the industry, the market supply curve shifts leftward, and the market price falls. D) firms enter the industry, the market supply curve shifts rightward, and the market price rises.
Which of the following terms is used to describe a situation in which the price of an asset rises above what appears to be its fundamental value?
a. "random walk" b. "random bubble" c. "speculative bubble" d. "speculative hedge"
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.