Which of the following is an example of a quota? a) The United States sets a minimum or maximum price that can be charged for baked goods. b)The United States limits the number of immigrants allowed to enter the country. c) The United States sets a limit on how many firms can operate in the market for cell phones. d) The United States imposes a regulation requiring consumers to be licensed before buying pens.

Which of the following is an example of a quota? a) The United States sets a minimum or maximum price that can be charged for baked goods. b)The United States limits the number of immigrants allowed to enter the country. c) The United States sets a limit on how many firms can operate in the market for cell phones. d) The United States imposes a regulation requiring consumers to be licensed before buying pens.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter19: Using Economics To Understand The World Around You

Section: Chapter Questions

Problem 9E: The United States government subsidizes many so-called green companies. For instance, it has given...

See similar textbooks

Related questions

Q: The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars…

A: A quota is a direct restriction on the quantity of imports. In this instrument of trade policy…

Q: Answer the following questions with the graph and match the key words with the correct box. a)…

A: a) Before the government regulation, the price of crab is determined by the intersection of the…

Q: based on the Application “Venezuela Price Ceilings and Shortages,” use two figures to show the…

A: Deficiencies in Venezuala was applied for food things and necessities. Its continuation was the…

Q: The graph to the right shows the supply and demand for Japanese-made automobiles in the United…

A: Import and export refer to the exchange of goods and services between countries. Import is when…

Q: part a The effect of a tariff on the quantity demanded of an imported commodity: a will be higher…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: If the US government reduces the tariff on imported coffee will this affect the supply or the demand…

A: The trade is the exchange of goods and services between the producer and the consumer at a mutually…

Q: The supply and demand for wheat in the small country Tinyland are: Qs = P and Qd = 400 – P,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The figure below shows the demand and supply curves for pickup trucks and the world price of a…

A: An import tariff can be defined as an imposition of tax on imported goods and services. The main…

Q: Suppose the government imposes a quota on imports of foreign-made steel. Assume that the quota has…

A: The objective of the question is to understand the impact of a government-imposed quota on the…

Q: Suppose the equilibrium price for soccer tickets in a free market results in 15,000 tickets being…

A: There are two types of control: price ceiling or price floor. Price ceiling is imposed below the…

Q: Which of the following will cause an increase in the equilibrium volume of trade in the market for…

A: Equilibrium refers to a market scenario at which the demand of the goods or service become equal to…

Q: There are two countries in the (Home and Foreign). Home is exporter of cotton. The home government…

A: Government tends to create the export subsidies to earn the foreign exchanges and reduce the trade…

Q: A World View article titled "Imported Wine Squeezing U.S. Vintners'' discusses foreign wine sold in…

A: Here, it is given that the US consumers import wine which further lead to increase competition in…

Q: Using the demand and supply graph given below, explain the impact of the ban in the

A: The supply curve depicts the direct link between price and quantity delivered. The supply curve…

Q: 39) A student wrote: "A production quota is inefficient because it results in overproduction. At the…

A: Marginal cost:Marginal cost is the expenditure incurred for marketing that one unit, whereas…

Q: Suppose the market for steel is expressed as follows: Domestic demand: p = 40 - 0.2q, or q = 200 -…

A: Suppose the domestic demand for steel market is q = 200 – 5p and domestic supply for steel market is…

Q: The demand function for a good is Q=650-5P while the supply functions is Q=-100+10P. World price is…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Suppose a government imposes a quota on the sale of an agricultural commodity in an attempt to boost…

A: A quota is a type of restriction on the sale or purchase of goods and services.

Q: The analysis of a quota implies that .... please select one or more : a) The effect of a quota…

A: The imposition of government on the trade restrictions limits the quantity for the consumers to…

Q: What would be the effects of imposing a quota on imported cars from Japan? Explain the effects for…

A: The United States has a long history of imposing trade restrictions on imported goods. In recent…

Q: Why does the efficiency of an import tariff depend on the price elasticity of demand?

A: Price elasticity of demand measures the responsiveness of percentage change in quantity demanded due…

Q: The demand and supply of widgets is given below. Q is quantity, and P is price of widgets Q =…

A: Demand is the desire backed by a willingness to pay and the ability to pay by an individual. The…

Question

Which of the following is an example of a quota?

a) The United States sets a minimum or maximum price that can be charged for baked goods.

b)The United States limits the number of immigrants allowed to enter the country.

c) The United States sets a limit on how many firms can operate in the market for cell phones.

d) The United States imposes a regulation requiring consumers to be licensed before buying pens.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If the US government reduces the tariff on imported coffee will this affect the supply or the demand for coffee
Answer the following questions with the graph and match the key words with the correct box. a) before the government imposes its regulation, what is the price of the crab? b) What is the demand price after the quota? c) What is the quota for the crab?
Suppose a government imposes a quota on the sale of an agricultural commodity in an attempt to boost the welfare of producers. Will this policy be successful?
The analysis of a quota implies that .... please select one or more : a) The effect of a quota on trade is the same as a tariff. b) A quota will cause the same deadweight losses as a tariff. c) States should prefer quota instead of tariff. d) A quota increases imports if it is associated with high price elasticity of demand. e) When a quota is applied, the consumer surplus decreases but the producer surplus does not increase because only the state benefits from the quota.
The graph to the right shows the supply and demand for Japanese-made automobiles in the United States. Assume that Japanese-made and U.S.-made automobiles are of the same quality and are considered to be perfect substitutes. Suppose that the U.S. government imposes a tariff on Japanese-made automobiles. 1.) Using the line drawing tool, show the effect on the market for Japanese-made automobiles. Properly label your line. 2.) Using the point drawing tool, identify the new equilibrium price and quantity. Label it 'E₂'. Carefully follow the instructions above, and only draw the required objects. As a result of the tariff, the price of Japanese-made cars rises and the quantity falls. In the market for American-made cars, there will be and thus the price of American-made cars will equilibrium quantity will and the Price per Automobile ($) S Japanese-made Automobiles (thousands)
Suppose the market for steel is expressed as follows: Domestic demand: p = 40 - 0.2q, or q = 200 - 5p Domestic supply: p = 0.2q, or q = 5p Domestic supply (foreign): p = 0.1q, or q = 10p a) What is the equilibrium price and quantity if there is free trade, with no restriction on imports? b) What is the equilibrium price and quantity if the government imposes a binding import quota of 20 units? Depict parts a and b on a single graph. c) How are US steel firms affected by the quota? US automakers? Explain briefly.
A World View article titled "Imported Wine Squeezing U.S. Vintners'' discusses foreign wine sold in the U.S. market. According to the article, the impact of the increasing import competition is_____ A. leading states to eliminate all subsidies due to the financial crisis that has left the budget in disarray. B. encouraging more California vintners to enter the market. C. causing domestic vintners to convert their vineyards into almond and avocado farms. D. resulting in a sharply increasing wine consumption rate in the United States.
The following graph shows the market for TV sets in Venezuela. The grey line illustrates the world supply curve of TV sets. Suppose that Venezuela imposes a quota that limits imports to 300 TV sets. Use the green points (triangle symbol) to plot the quota-adjusted supply curve on the following graph. (Hint: Make sure you use three points to plot the curve, which is parallel to the original supply curve, with the last point indicating the upper limit allowed by the graph.) Then, use the black point (cross symbol) to indicate the new equilibrium point. PRICE (Dollars per TV set) 600 550 500 450 400 350 300 250 200 150 100 50 0 As a result of the quota, price rises by $ Demand Supply SWorld 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Number of TV sets) " ► Swith quota + Ewith quota and consumer surplus falls by $ (?)
The figure below shows the demand and supply curves for pickup trucks and the world price of a pickup truck. Price (in thousands) $100,000,000. $225,000,000. $50,000,000. $450,000,000. $70 $60 $50 $40 $30 $20 $10 10 20 Supply World Price Demand 30 40 50 60 Quantity of Trucks (in thousands) Suppose that the world price of a pickup truck is $20,000, and the government imposes an import quota of 10,000 pickup trucks. Calculate the amount of deadweight loss that results from the imposition of the import quota.
Which of the following will cause an increase in the equilibrium volume of trade in the market for Uber ridesharing in San Diego, holding all other factors fixed, ceteris paribus? (check all that apply) Lyft increases the price it charges for ridesharing. There is an influx of tourists. Due to the COVID recession, household incomes in the area have gone down. Uber rides are a normal good. A new law that allows rideshare drivers to unionize and charge higher wages is passed.
The demand function for a good is Q=650-5P while the supply functions is Q=-100+10P. World price is 30 and tariff is 5 a. Graph the demand and supply function. b. Determine the quantity demanded before and after the tariff. C. Determine the quantity supplied before and after the tariff. d. Determine the quantity imported before and after the tariff. e. Determine the consumer surplus before and after the tariff. f. Determine the producer surplus before and after the tariff. g. Determine government revenue after the tariff. h. Determine the dead weight loss. i. Identify on the graph in part (a) the dead weight loss.
Economic