Imposing a Restrictive Quota on Imported Plasma TVs Will

question 85

Multiple Choice

Imposing a restrictive quota on imported plasma TVs will:

• A) increase the price of the plasma TVs and decrease the quantity consumed.
• B) increase both the price of the plasma TVs and the quantity consumed.
• C) leave the price of the plasma TVs unchanged but decrease the quantity consumed.
• D) leave the price and the quantity consumed of plasma TVs unchanged, because domestic producers will expand production to make up for the reduction in imports

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Definitions:

Injunction

A legal order from a court requiring a person to do or refrain from doing a specific action.

Pharmacy

A place where drugs and medicines are prepared and dispensed by a licensed pharmacist.

Anticipatory Repudiation

A situation in contract law where one party prematurely conveys their decision not to fulfill the contract terms, breaching the agreement.

Toady

A person who flatters or defers to others for a self-serving purpose; essentially, a sycophant.