An example of a voluntary export restriction is a:
A) U.S.-imposed limit on the total number of Honda automobiles imported from Japan.
B) regulation specifying that each imported Honda automobile must meet certain emission- exhaust guidelines.
C) decision by Japan to ship fewer Japanese-built Hondas to the United States.
D) tax of 10 percent of the value of each Honda automobile imported from Japan.
Ans: C) decision by Japan to ship fewer Japanese-built Hondas to the United States.
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Agraria is a small agricultural country that does not trade with the rest of the world. Based on this information, we can conclude that Agraria is a(n) ________ economy
A) closed B) communist C) command D) open
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would face limited liability. B) As a sole proprietor, Jeremy would have the ability to share risk with shareholders. C) As a sole proprietor, Jeremy would have both ownership and control over the business. D) All of the above would be advantages of setting up his business as a sole proprietorship.