Restrictions on Imports

question 89

Multiple Choice

Restrictions on imports

• A) usually have no permanent effects on an economy.
• B) is the best way to increase exports.
• C) protect United States jobs.
• D) eventually reduce exports.

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Definitions:

Average Variable Cost

The variable cost per unit of output; the total variable cost divided by the number of units produced.

Economic Profit

The gap between the complete income and all expenses, covering overt and hidden costs.

Minimum Wage

A price floor set for the price of labor.

Cost Curves

Graphs that depict the relationship between the cost of producing goods and the quantity produced.