Which of the following is true of an import quota?
a. is a tax of imported goods
b. limits quantity of imports allowed into a country
c. will decrease the price of imported goods
d. will raise revenue for the government
e. helps to address a balance of trade surplus
Ans: b. limits quantity of imports allowed into a country
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In the Keynesian model, consumption
A) is positively related to income but saving is not systematically related to either income or interest rates. B) and saving are positively related to the real interest rate. C) and saving are positively related to income. D) is positively related to income and saving is negatively related to the stock market.
The opportunity cost of an economic decision is:
a. the best alternative that was sacrificed. b. the amount of money needed to implement the decision. c. any land, labor, and capital that are wasted. d. all options that were lost due to scarcity.