Selling a good abroad below the price charged in the home market, or at a price below the cost of production is called
A) dumping.
B) import substitution.
C) a quota.
D) a tariff.
Answer: A
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The value of the money multiplier depends on
A) the interest rate offered on bonds currently being purchased by the Fed. B) the ratio of total assets to total liabilities for the banking system as a whole. C) the reserve ratio. D) the interest rate offered on bonds currently being sold by the Fed.
Labor hoarding occurs when
A) firms keep good workers so other firms can't hire them. B) the unemployment rate exceeds the natural rate of unemployment. C) involuntary unemployment exceeds voluntary unemployment. D) because of hiring and firing costs, firms retain workers in a recession that they would otherwise lay off.
Figure 7-7
In Figure 7-7 at 100 units, AFC equals
A. 10. B. 100. C. 180. D. 1,000.
The classical framework is based on which of the following assumptions?
A) many firms in the economy B) no single firm can control prices C) in the long-run the quantity of factors supplied must be equal to the quantity of factors demanded D) all of the above E) none of the above