A Tax That Is Imposed by the Importing Country When

question 167

Multiple Choice

A tax that is imposed by the importing country when an imported good crosses its international boundary is called

• A) an import quota.
• B) dumping.
• C) a voluntary export restraint.
• D) a tariff.

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Definitions:

Short-Run Industry Supply

The total quantity of goods that firms in a particular industry are willing and able to sell at different prices in a short period, with some factors held constant.

Total Cost Function

The total cost function is a mathematical representation that shows how total costs of production vary with changes in output level.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Marginal Costs

The increase in cost due to the production of one further unit of a product or service.