QUESTION 21An import quota for sugar results in an increase inO the domestic demand for sugarO sugar imports.the domestic market price of sugar.O the domestic market supply of sugar.QUESTION 22An import quota isO a quantity restriction.a direct tax on imports.a price floor.a price ceiling.QUESTION 23An import quota is a limit on theamount of a product that may be importedO value of low-priced foreign goods that are allowed to be imported into the United States.O number of foreign workers allowed to work in a country.number of container ships allowed to enter the territorial waters of the United States.QUESTION 24An increase in supply will occur whenthe demand curve shifts downward to the left.the demand curve shifts upward to the right.the supply curve shifts downward to the right.the supply curve shifts upward to the leftQUESTION 25An increase in the price of input used to produce a product will lead toO an increase in the supply of that producta decrease in quantity supplied of that producta decrease in the demand for that productOa decrease in the sunnly of that oroductClick Saue

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QUESTION 21 An import quota for sugar results in an increase in O the domestic demand for sugar O sugar imports. O the domestic market price of sugar. O the domestic market supply of sugar.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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