Under U.S. commercial policy, which clause permits the modification of a trade liberalization agreement on a temporary basis if serious injury occurs to domestic producers as a result of the agreement?
A) adjustment assistance clause
B) escape clause
C) most favored nation clause
D) prohibitive tariff clause
E) anti-dumping legislation
B
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If demand for a seller's product is perfectly elastic, which of the following is true?
i. The firm will sell no output if it sets the price its product above the market price. ii. There are many perfect substitutes for the seller's product. iii. The firm will sell no output if it sets the price its product below the market price. A) i only B) ii only C) iii only D) i and ii E) ii and iii
A division of labor enhances society's output by permitting people to take advantage of existing differences in their abilities and skills.
Answer the following statement true (T) or false (F)
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.
Regulatory capture often occurs because of which of the following?
A. Government officials want stronger control over industry regulation. B. Nearly everyone with expertise works in the regulated industry. C. Patent law allows firms to gain monopoly power easily and therefore control a market. D. Consumer groups are effective at lobbying the government for industry regulation.