A government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. is
A) a regional trade bloc.
B) an import quota.
C) a voluntary import expansion.
D) a voluntary restraint agreement.
B
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Which of the following groups has the highest proportion of unskilled illegal immigrants in the U.S.?
A. Agricultural workers B. Construction workers C. Cleaning workers D. Food preparers
What characteristic do both human and physical capital share?
A) Both are controlled by the government. B) Current costs are incurred for future benefits. C) The use of both exhibits rivalry. D) They can easily be transferred to new ownership.
Marginal revenue product of labor is defined as the additional
a. output a firm would receive after hiring one more unit of resource b. cost of hiring one more unit of resource c. revenue earned by selling one more unit of product d. revenue earned by hiring one more unit of labor e. output received by spending one more dollar on resources
An economic model is useful only if it:
A. contains no positive statements. B. captures all the complexities of reality. C. yields accurate predictions. D. has both macro- and microeconomic applications.