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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When the competitive market is using its resources efficiently, the
A) total amount of consumer surplus is maximized. B) total amount of producer surplus is maximized. C) sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized. D) sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.
In events leading to the housing bubble, investment banks on Wall Street made money through the housing market by:
A. buying as many loans as possible to create mortgage-backed securities. B. relying on banks to sell as few high-risk mortgages as possible. C. ensuring local banks were making good loans. D. offering low interest loans to those with very good credit.