An Import License Is ________

question 62

Multiple Choice

An import license is ________.

• A)an agreement whereby one country gives another country permission to use a patent that a company has registered there
• B)a requirement that exporters take merchandise in lieu of money as payment for their sales
• C)a requirement that permission be secured from governmental authorities before importation can be undertaken
• D)a government prohibition of imports from a specific country

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Definitions:

Market Wage

The prevailing pay rate for a specific job in the labor market.

Labor Supply

The total hours that workers in an economy are willing to work at a given wage rate.

Maximize Profits

The process or goal of achieving the highest possible profit margin through the efficient use of resources, pricing strategies, and cost management.

Equilibrium Price

The price point in the market at which the amount of goods being offered for sale matches the amount of goods buyers are willing to purchase.