Quotas imposed on U.S. imports into Japan tend to:
A) penalize both U.S. consumers and Japanese consumers.
B) benefit both U.S. consumers and Japanese consumers.
C) penalize U.S. consumers and benefit Japanese consumers.
D) benefit U.S. consumers and penalize Japanese consumers.
Ans: D) benefit U.S. consumers and penalize Japanese consumers.
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Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $2,200 . If you worked, you could make $7,000 . Your rent is $1,000 for the summer, regardless of your choice. The opportunity cost of going to summer school is, therefore,
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