If your nominal income is $75,000 and your real income in base year prices is $60,000, what is the CPI?
A) 250 B) 125 C) 80 D) 200 E) 100
B
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Dumping is
A. exporting goods that are sources of pollution. B. selling a good abroad in huge quantities at a very low price. C. exporting goods that are of inferior quality relative to the goods sold in the domestic market. D. selling a good abroad at a price below cost or below the price charged in the domestic market.
Which of the following is a factor that can motivate changes in the costs of transferring knowledge?
A. Changes in technology B. The nature of knowledge to be transferred C. The form of government in the country D. The prevailing tax rates
The law of supply states that there is a positive relationship between price and quantity supplied, ceteris paribus.
Answer the following statement true (T) or false (F)
Related to the Economics in Practice on page 673: Satirist Frederic Bastiat's essay arguing for a quota on sunlight in order to protect domestic candle makers suggests that it is pointless to
A. create barriers to trade in some markets but not others. B. legislate based on economic theory. C. protect industries that cannot compete effectively. D. participate in international trade.