A government-imposed restriction on the quantity of a specific good that may be imported to and sold in the United States is called a
A) tariff system.
B) quota system.
C) reverse-trade system.
D) union trade system.
Answer: B
Economics
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The economic profit earned by a firm is calculated by subtracting explicit costs from total revenue
a. True b. False Indicate whether the statement is true or false
Economics
Refer to the market graph below for tickets to a "Final Four" sports event. Given this market, if the event organizers pre-set the price at $20, then this action would result in a:
The graph below shows the market for tickets to a "Final Four" sports event. Assume that there is only one kind of ticket to the event.
A. Shortage of 5,000 units
B. Shortage of 55,000 units
C. Surplus of 5,000 units
D. Surplus of 50,000 units
Economics