Which of the following is common to both tariffs and quotas?
A) Tariffs and quotas are both designed to reduce foreign competition faced by domestic firms.
B) Tariffs and quotas both increase economic efficiency.
C) Tariffs and quotas are both examples of voluntary export restraints.
D) Tariffs and quotas are both used as a means to increase government revenue.
A
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If the United States imposed a quota on the amount of salmon imported from Chile, the result would be ________ salmon prices in the United States and ________ in the quantity of salmon demanded in the United States
A) higher; an increase B) higher; a decrease C) lower; an increase D) lower; a decrease E) higher; no change
Some property tax limitations, such as California's Proposition 13, only do significant reassessment of property taxes when houses are sold. This creates _____
a. an incentive to rent b. inequity between homeowners of comparable houses c. a disincentive to move d. b and c e. all of the above