A trade policy that protects domestic producers from certain actions taken by foreign governments or firms is
A) illegal under WTO rules.
B) called a contingent protection policy.
C) considered a beggar-thy-neighbor policy.
D) intended to protect domestic consumers.
A
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The above figure shows the PPF for a country that produces computers and computer factories. Which of the following would most likely shift the PPF from PPF0 in one year to PPF1 in the next?
A) Nothing, because the PPF does not shift. B) Increase the production of computers from 9 million (at point C) to 11 million (at point B). C) Decrease the production of computers from 11 million (at point B) to 9 million (at point C) and build 9 new computer factories. D) Increase consumption of both computers and computer factories. E) Decrease production of both computers and computer factories by moving into the interior of the PPF.
________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors
A) Autarky B) Absolute advantage C) Comparative advantage D) Specialization
If the price is $20 per unit, what is the break even amount of units for technology A?
a. 50 b. 60 c. 70 d. None-They would have to shut down
The four main forms of income that economists have identified include all of the following except
a. wages b. wealth c. rent d. profit e. interest