Exhibit 30-2 -The Government Is Considering Imposing Either a Tariff That Will

question 20

Multiple Choice

Exhibit 30-2
-The government is considering imposing either a tariff that will restrict export supply according to the data in Exhibit 30-2 or a quota that limits imports to 8 units. Which of the following is true?

• A)Consumers will prefer the quota.
• B)The government will collect more revenue with the quota.
• C)Producers will prefer the quota.
• D)The equilibrium price will be lower with the quota.
• E)Imports will be higher with the quota.

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Definitions:

Homogeneous Units

Groups or samples that are similar in characteristics or properties, ensuring that comparisons or experiments are not influenced by differing variables.

Randomized Block Experiment

An experimental design that aims to reduce confounding variables by grouping subjects into blocks and then randomly assigning treatments within each block.

MSB

Most Significant Bit, the bit in a binary number that has the largest value or place.

Null Hypothesis

A statement used in hypothesis testing that assumes there is no significant difference or effect, serving as the default assumption to be tested against an alternative hypothesis.