Voluntary restraint agreements are
A) a type of tariff in which the tax is a fixed amount per unit of good imported.
B) a type of tariff in which the tax is based on the value of the good.
C) a type of quota that actually benefits the firms facing the restrictions.
D) a type of quota agreed to "voluntarily" in order to prevent more severe protection of another type.
D
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If the price of sandals is fixed by law below the market-clearing price,
A) a surplus of sandals will result. B) sandal inventories at shoe stores will be smaller. C) sandal sellers will spend more on advertising. D) the quantity of sandals demanded will be greater than the quantity supplied. E) the quantity of sandals demanded will be less than the quantity supplied.
Industrial policy is an effort by a government to:
A. identify the most profitable industries in the world, and adopt them in their country. B. control markets that are industrial. C. regulate prices in particular industries. D. favor some industries over others.