If an Import Quota Is Imposed on Imports of Shrimp

question 262

Multiple Choice

If an import quota is imposed on imports of shrimp into the United States,U.S.consumer surplus from shrimp will ________ and U.S.total surplus from shrimp will ________.

• A) increase; increase
• B) increase; decrease
• C) decrease; increase
• D) decrease; decrease
• E) increase; not change

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Definitions:

Statistic

A numerical value calculated from a sample, used to estimate characteristics of the population from which the sample is drawn.

Sample

A subset of individuals or objects taken from a larger population, used in statistical analysis to estimate characteristics of the whole population.

Population

In statistics, a population refers to the complete set of items or individuals that share one or more characteristics from which data can be gathered and analyzed.

Statistics Practitioner

An individual who applies their knowledge of statistics to analyze data and help in decision-making processes in various fields such as medicine, business, environmental science, and more.