A Supply Restriction That Restricts the Amount of a Good

question 341

Multiple Choice

A supply restriction that restricts the amount of a good that can be imported is a(n)

• A)price floor.
• B)price ceiling.
• C)black market.
• D)import quota.

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Definitions:

Standard Error

A statistical measure that represents the accuracy with which a sample distribution represents a population, particularly the variability in an estimated mean.

Parsimony

The principle of using the simplest or least complicated explanatory means necessary to adequately account for observed phenomena, often used in model selection.

Regression Model

A statistical technique for estimating the relationships among variables, often used for prediction and forecasting.

T-statistic

A type of statistic used in hypothesis testing, calculated from sample data to determine whether to reject the null hypothesis.