If the USImposed an Import Quota on Farm Machinery,then Sales of U

question 169

Multiple Choice

If the U.S.imposed an import quota on farm machinery,then sales of U.S.farm machinery equipment producers would

• A)rise and the exports of other U.S.industries would rise.
• B)rise and the exports of other U.S.industries would fall.
• C)fall and the exports of other U.S.industries would rise.
• D)fall and the exports of other U.S.industries would fall.

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Definitions:

Profit-Maximizing Quantity

The level of production at which a firm can achieve the highest possible profit, determined by the intersection of marginal cost and marginal revenue.

Power Cords

Electrical cables used to connect an appliance or device to the main electricity supply.

Market Wage Rate

The average or standard amount of compensation paid to workers in a specific market or industry for their labor.

Minimum Wage Law

Legislation that sets the lowest hourly wage rate that employers can legally pay their workers.