An import quota
A. is a legislative requirement stating that firms which import some of their merchandise must hire a certain number of immigrant workers.
B. is a price ceiling imposed on an imported good.
C. is a supply restriction limiting the quantity of a good that can be imported.
D. is a price floor imposed on an imported good.
Answer: C
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If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ, respectively, the equilibrium price is P* = (ad + bc) / (b + d)
Indicate whether the statement is true or false
Welfare programs satisfy the criteria of the benefit principle
a. True b. False
Which of the following is not a component of the aggregate expenditures of a country?
a. Investment b. Government spending c. Net exports d. Consumption e. Transfer payments
What is the budget line?
What will be an ideal response?