What are the three major types of quotas?
What will be an ideal response?
Formal quotas outright limit the quantity of imports; import licenses; voluntary export restraints
You might also like to view...
The functional distribution of income measures which of the following?
A) the distribution of income among households B) how federal tax revenues are related to the business function that employs taxpayers C) the proportion of income generated by the four types of expenditures on goods and services D) the distribution of earnings by the factors of production E) the distribution of income among nations
Referring to Figure 19.2, the effect of a decrease in U.S. prices is represented by a movement from point
A) a to d. B) d to a. C) b to c. D) a to b.
Business cycles in the United States
A) tend to occur at regular intervals and are periodic. B) tend to recur at irregular intervals, but are usually of the same length. C) were quite common before World War II but have not occurred in the postwar period. D) tend to have expansions that last longer than the recessions.
Which of the following best describes the policy of the New Deal to combat the Great Depression?
(a) Taxation should be increased so as to eliminate the deficit in the federal budget. (b) Government spending should be reduced so as to give businesses confidence that the free enterprise system was not being replaced by big government. (c) The government should offset deficiencies in private spending with increased government spending in order to create jobs—any jobs. (d) Private enterprise should be replaced by government planning because the market system had failed to provide prosperity and economic growth.