Import quotas ________ the price of imported goods and ________ ...

[jho37]

Import quotas ________ the price of imported goods and ________ the quantity consumed in the nation imposing the quota.
 
  A) raise; increase
  B) raise; decrease
  C) lower; increase
  D) lower; decrease

Question 2

The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from 3 per pound to 1 per pound, what is the change in Billy Bob's total revenue?
 
  A) 42
  B) 24
  C) -2
  D) -24

[Zack0mack0101@yahoo.com]

Answer to Question 1

B

Answer to Question 2

D