Answer the following statements true (T) or false (F)
1.In 1933 the U.S. government enacted the Buy American Act, which requires federal agencies to purchase materials and products from American suppliers if their prices are NOT unreasonably higher than those of foreign competitors.
2.In 2011 Whirlpool Inc. won an antidumping/subsidy case against clothes-washer imports from Samsung and LG. This resulted in antidumping/subsidy duties being imposed on imports of clothes washers from these foreign producers.
3.A subsidy granted to an import-competing producer tends to be absorbed by producer surplus and higher-costs of production.
4.For a tariff-rate quota, the within-quota tariff rate is more than the over-quota tariff rate.
5.A subsidy granted to import-competing producers is often preferred to an import tariff on the grounds that it results in a smaller deadweight welfare loss and allows consumption to remain unchanged.
1.True
2.True
3.True
4.False
5.True
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Indicate whether the statement is true or false
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