A Tariff and an Import Quota Will Both

question 10

Multiple Choice

A tariff and an import quota will both:

• A)increase the quantity of imports and raise domestic price
• B)increase the quantity of imports and lower domestic price
• C)reduce the quantity of imports and raise domestic price
• D)reduce the quantity of imports and lower domestic price

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Definitions:

Variable Overhead Efficiency Variance

The difference between the expected (standard) cost of variable overheads based on actual production and the actual cost incurred.

Variable Overhead Efficiency Variance

A measure that reflects the efficiency of variable overhead resource usage by comparing the standard hours allowed with the actual hours used.

November

The eleventh month of the year in the Gregorian calendar, following October and preceding December.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard cost of variable overhead allocated to produced goods.