One form of trade protection that restricts the quantity of a particular good that can be imported or exported is called:
a. a tariff.
b. a quota.
c. a voluntary export restraint.
d. a subsidy.
b
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Assuming that the demand curve for cookies is downward sloping, if the price of cookies falls from $1.50 to $1.25 per dozen,
A. then the demand for cookies will fall. B. then the demand for cookies will rise. C. then a larger quantity of cookies will be demanded. D. then a smaller quantity of cookies will be demanded.
The laissez-faire policy prescription to eliminate unemployment was to:
A. have government guarantee jobs for everyone. B. increase real wages so that people are encouraged to work. C. strengthen unions and government regulations protecting unions and workers. D. eliminate labor unions and government policies that hold real wages too high.
Which of the following would an economist classify as capital?
A. A public corporation's employees B. A share of stock C. A computer used by an accountant D. A deposit of silver
National defense argument, infant industries argument, and declining industries argument are arguments in favor of trade restrictions
Indicate whether the statement is true or false