The Table Below Shows the Quantity Demanded (In Thousands) and Quantity

question 10

Multiple Choice

The table below shows the quantity demanded (in thousands) and quantity supplied (in thousands) of computers in the U.S. and Canada at different prices.Table 20.5

-Which of the following is true of a tariff?

• A)It is a tax levied by the government on domestic production of goods and services.
• B)It is a quantitative restriction on imports imposed by the government.
• C)It is a monetary benefit received by exporters from the government.
• D)It is a monetary benefit received by importers from the government.
• E)It is a tax on import and export levied by the government.

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Definitions:

Excess Demand

When the quantity demanded of a good exceeds the quantity supplied.

Utilities Possibilities Frontier

A graphical representation that shows the maximum amount of two different utilities that can be achieved with a given set of resources.

Unattainable

Refers to goals, objectives, or levels of production that cannot be achieved with the current availability of resources or technology.

Utilities Possibilities Frontier

A graphical representation showing the maximum levels of utility that two individuals or more can achieve given a fixed set of resources.