An import quota is a
a. legal limit on the quantity of a good that can be imported per year
b. legal requirement that a specified percentage of a final good's value must be produced domestically
c. legal requirement that exports to a certain country must exceed a specified value before that country's product may be imported
d. percentage tax on an imported product
e. lump-sum tax on an imported product
A
You might also like to view...
Labor expenditures associated with carrying out an abatement process are considered to be part of
a. capital costs b. fixed costs c. operating costs d. implicit costs e. none of the above
The percentage of consumer income spent on durable goods, nondurable goods and services have changed between 1955 and 2007 as follows:
A. Percentage spent on services has declined. B. Percentage spent on durable goods has increased. C. Percentage spent on nondurable goods and durable goods has decreased. D. Percent spent on durable goods and services has increased.