An import quota specifies
A) the amount of funds that can be paid for any imported good.
B) the amount of taxes that must be paid on any imported good.
C) the maximum amount of an item that may be imported during a specified period.
D) the minimum amount of an item that may be imported during a specified period.
Answer: C
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A shift of the supply curve of DVDs raises the price of a DVD from $9.50 to $10.50 a DVD and reduces the quantity demanded from 41 million to 39 million DVDs a month. The price elasticity of demand for DVDs is
A) 2 million DVDs a month per dollar. B) $1 per 2 million barrels a day. C) 0.5. D) 2.0.
If the target exchange rate is 100 yen per dollar and the current exchange rate is 90 yen per dollar, the Fed will
A) sell dollars and the demand for dollars will increase. B) sell dollars and the demand for dollars will decrease. C) buy dollars and the demand for dollars will increase. D) buy dollars and the demand for dollars will decrease.