To be effective, an import quota must
a. reduce the price and increase the quantity of imports
b. set the price of the imported good higher than the domestic equilibrium price
c. restrict imports to less than would be imported under free trade
d. restrict imports to less than exports in trade with that particular country
e. be directed at the product of a specific country
C
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Data from the Bureau of Labor Statistics show that consumer spending on transportation is only slightly higher than consumer spending on food and beverages
a. True b. False Indicate whether the statement is true or false
The demand curve illustrates the fact that consumers tend to purchase:
A. name-brand products more frequently than generic products. B. more of a good as its price falls. C. more of a good as their incomes rise. D. more of a good as it becomes more popular.