If a Country Is Small in World Markets and Imports

question 46

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

Understand the role of intuition and independent spirit in creativity.

Learn the principles and impact of brainstorming and nominal group methods on creativity.

Understand organizational strategies to encourage creativity.

Recognize the difference between various creativity-enhancing methodologies.

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Definitions:

Errors

Mistakes or inaccuracies in actions, calculations, or judgments.

Expectancy

The anticipation or belief about the likelihood of an event occurring in the future.

Perceived Relationship

The subjective understanding or interpretation of the nature, quality, and dynamics of a connection between entities.

Expectancy Model

A psychological theory that explains motivation as a process where individuals evaluate the likelihood that their efforts will lead to desired outcomes.