As it relates to international trade, dumping:
A. is a form of price discrimination illegal under U.S. antitrust laws.
B. is the practice of selling goods in a foreign market at less than cost.
C. constitutes a general case for permanent tariffs.
D. is defined as selling more goods than allowed by an import quota.
B. is the practice of selling goods in a foreign market at less than cost.
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When a price support is set below the equilibrium price, producers ________ the quantity supplied, and consumers ________ the quantity demanded
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) do not change; do not change
As a result of the imposition of a tax on a product: a. some consumer surplus is transferred from buyers to producers
b. some producer surplus is transferred from sellers to consumers. c. some consumer and producer surplus is transferred from buyers and sellers to the government. d. there is no change in either consumer or producer surplus.
The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals. B) any production requires the use of scarce resources, and thus the sacrifice of another alternative. C) choices need not be made in rational behavior. D) scarcity only exists in poor societies.
A movement along a consumption function is caused by:
A. a change in households' real assets. B. a change in interest rates. C. changes in households' disposable incomes. D. expectations of price changes.