If the USgovernment Imposes a Quota on Leather Shoes,then Net Exports of Exports

question 104

Multiple Choice

If the U.S.government imposes a quota on leather shoes,then net exports of U.S.shoes would

• A)rise.
• B)not change.
• C)fall.
• D)rise,not change,or fall depending on what happened to the exchange rate.

Analyze how changes in prices and income affect the demand for goods, taking into account the roles of perfect substitutes and complements.

Identify and distinguish between the Slutsky and Hicks versions of income and substitution effects.

Understand utility functions and how consumers maximize utility subject to budget constraints.

Explain the effects of price and income elasticity of demand on consumer purchasing behavior.

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