A limit on the amount of strawberries that can be imported into the United States is an example of
A) the rationing function of prices protecting domestic strawberry farmers.
B) a price floor set by the government.
C) a price ceiling set by government.
D) an import quota.
D
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When your textbook authors say competition "can be recognized only in motion pictures, not in still photographs," they mean
A) Hollywood is a competitive industry; portrait photography is non-competitive. B) competition is better described as a process, rather than a fixed state of affairs. C) competitors don't sit still. D) competition didn't exist before the advent of motion picture technology.
What is quantitative easing? What was the Fed's objective in implementing quantitative easing?
What will be an ideal response?
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is
A) zero because marginal costs equal marginal revenue. B) zero because price equals marginal costs. C) positive because price exceeds average variable costs. D) positive because price exceeds average total costs. E) positive because revenues are increasing faster than variable costs.
The cash that a bank keeps in its vault is called its:
A. reserves. B. deposits. C. loans. D. savings.