All of the Following Are Examples of Factors That Affect

question 106

Multiple Choice

All of the following are examples of factors that affect trading activity between countries except __________________.

• A) Charging a 0.75% import tax on steel imported from China into the U.S.
• B) Charging $3 tariff per barrel of crude oil imported in the U.S.
• C) Restricting the importation of produce into the U.S from South America
• D) All of these are factors that affect trading activity between countries

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Definitions:

Short Run

A period in which at least one factor of production is fixed, limiting the ability of businesses to adjust to market conditions fully.

Marginal Revenue

The profit enhancement from selling one more unit of a product or service.

Marginal Cost

The increase in total cost that arises when the quantity produced is incremented by one unit.

Total Profits

The financial gain obtained after subtracting total costs from total revenue over a period.