What is the difference between a tariff and a quota?
A tariff is a tax imposed by a government on foreign imports. A quota is a ceiling placed on the quantity of foreign imports during a given period.
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How can we explain the effect of a proportional tax on the multiplier?
What will be an ideal response?
The line that shows the connection between inflation and unemployment in the short run is called the:
A. inflation-employment trade-off. B. Phillips Curve. C. price-work curve. D. aggregate supply.
Average fixed cost for an information product would
A. remain constant as quantity increases. B. decrease constantly as quantity increases. C. increase constantly as quantity increases. D. first decrease and then increase as quantity increases.
The quantity and quality of a country's labor, land, and natural resources are that country's factor endowments.
Answer the following statement true (T) or false (F)