Which of the following is true (assume the small country case)?
A) With a quota, an increase in demand leads to a higher price and more imports.
B) With a tariff, an increase in demand leads to a higher price and more imports.
C) With either a tariff or a quota, an increase in demand leads to a higher price and more imports.
D) None of the above are true.
D
Economics
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The Bretton Woods system was established in 1944 and remained in place until the early 1970s
Indicate whether the statement is true or false
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When a firm produces 1000 widgets with total cost of $2000 and fixed cost of $1000, what is the average variable cost?
A) $2 B) $1 C) $0.50 D) $0.20
Economics