A quota is a:
a. tax on a specific quantity of imported goods.
b. limited number of foreign firms that can sell imported goods.
c. restrictive health and safety standard that raises costs.
d. tax on domestic producers so that they can make higher profits.
e. limit on the quantity of a good that can be imported.
e
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Assume that beer is an inferior good. If the price of beer falls, then the substitution effect results in the person buying ________ of the good and the income effect results in the person buying ________ of the good
A) more, more B) more, less C) less, more D) less, less
The crowding-out effect indicates that increased government borrowing will lead to:
a. an increase in consumption by households and an increase in investment spending by firms. b. an increase in consumption by households and a decrease in investment spending by firms. c. a decrease in consumption by households and an increase in investment spending by firms. d. a decrease in consumption by households and a decrease in investment spending by firms.