Author Question: Tariffs and import quotas differ in that A) one is a form of trade restriction, while the other ... (Read 104 times)

yoooooman · **on:** Jun 29, 2018

Tariffs and import quotas differ in that

A) one is a form of trade restriction, while the other is not.
B) one is a tax, while the other is a limit.
C) one is imposed by the government, while the other is imposed by the private sector.
D) one is legal, while the other is not.

Question 2

The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a production point that is inefficient?

A) 0 units of good X and 40 units of good Y
B) 6 units of good X and 28 units of good Y
C) 10 units of good X and 16 units of good Y
D) 3 units of good X and 35 units of good Y