If a Country Is Small in World Markets and Imports

question 85

Multiple Choice

If a country is small in world markets and imports some product at the world price,the country effectively faces a horizontal foreign supply curve for that product.If the country then restricts the volume of imports by imposing an import quota,the effect on the domestic market for that product is to

• A)shift the entire supply curve to the left.
• B)make the domestic demand curve a horizontal line at the permitted quantity of imports.
• C)make the domestic demand curve a vertical line at the permitted quantity of imports.
• D)make the foreign supply curve a vertical line determined by the permitted quantity of imports.
• E)make the foreign supply curve a horizontal line at the current price.

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Definitions:

Classical Conditioning

Learning via the association between a stimulus present in the environment and one that occurs naturally.

CS And US

In classical conditioning, CS stands for conditioned stimulus and US stands for unconditioned stimulus.

Latent Learning

The process by which something is learned but not immediately expressed or noticeable until a later time.

Associative Learning

A learning process by which a subject links two stimuli or a behavior and a consequence.