Related to the Economics in Practice on p. 667: When a country imposes a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.
A. increase; rises
B. decrease; falls
C. increase; falls
D. decrease; rises
Answer: D
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When the demand for a good is inelastic and its price increases, the total revenue from the sale of the good will ________
A) increase B) decrease initially and then increase C) decrease D) not change
Which of the following statements is TRUE?
A) If average product equals marginal product, average product decreases. B) If marginal product equals average product, average product is a maximum. C) If marginal product equals average product, marginal product is a maximum. D) If marginal product exceeds average product, marginal product increases.
Marylou, whose utility of wealth curve is shown in the figure above, faces two options. Option A yields her $200 for sure. Option B has a 0.4 probability of yielding $100 and a 0.6 probability of yielding $300. Marylou
A) picks option A. B) picks option B. C) is indifferent between option A and option B. D) needs more information to make a choice.
If supply increases and demand decreases, then the equilibrium
a. price will decrease and quantity could increase, decrease, or remain unchanged b. price will increase and quantity will decrease c. price will increase and quantity could increase, decrease, or remain the same d. price could increase decrease, or remain the same and quantity will increase e. price will increase, decrease, or remain the same and quantity will decrease