A quota is
A) a tariff imposed on goods that are dumped in the country.
B) a law that prevents ecologically damaging goods from being imported into a country.
C) a market-imposed balancing factor that keeps prices of imports and exports in equilibrium.
D) a government-imposed restriction on the quantity of a specific good that can be imported.
Answer: D
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If individuals start paying off the large amount of credit card debt they now hold,
A) the supply of loanable funds will shift rightward. B) the supply of loanable funds will shift leftward. C) the demand for loanable funds will shift rightward. D) the demand for loanable funds will shift leftward. E) an excess demand for loanable funds emerges and persists.
The marginal product of any input into the production process:
A. is the increase in output that is generated by an additional unit of input. B. is the decrease in input that is generated by an additional unit of output. C. is the constant ratio of inputs to outputs. D. None of these is true.
The existence of money
a. reduces specialization. b. makes trade easier. c. allows for barter. d. hinders production.
In a sealed-bid Vickrey auction, the person who bids the:
A. highest gets the object of the bid at the price he or she bid. B. second highest bidder has the option to receive the good if he or she pays the price of the highest bidder. C. highest bidder gets the object but pays the price bid by the second highest bidder. D. second highest bidder gets the good and pays that price.