1. Quotas and import licenses are examples of Free Trade.

A. True B. False

2. A California attorney prepares a contract for his client in October of 2020. This is part of the US Government 2019 - 2020 fiscal year.

A. True B. False

3. TC divided by the number of units produced (q) equals AC.

A. True B. False

4. The soft currencies that these countries pay for those grains are called what?

5. An increase in price followed by an increase in the quantity demanded might describe an inferior good.

A. True B. False

6. If the government were to impose a customs duty on imported goods, a new market equilibrium would result. By answering either "Up" or "Down", indicate how this would affect each of the following:

- Price:

- Quantity:

- Consumer Surplus:

- Average Costs:

- Excess Profits: