Which of the following is a reason why antidumping actions are used more frequently than safeguard actions?
I. It is easier to meet the criterion that imports have caused "material injury" to a domestic industry than the criterion that imports were a "substantial cause of serious injury."
II. The President does not need to approve antidumping duties.
III. The President has to approve duties imposed under safeguard actions.
a. I
b. II
c. III
d. I, II, and III
Ans: d. I, II, and III
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The demand curve for a good is very unlikely to be perfectly vertical because
a. scarcity and limited income restrict the ability of consumers to afford goods as they become very expensive. b. as the price of a good rises to high enough levels, the incentive for other suppliers to invent new substitutes for the good increases. c. consumers generally do not care about the price of the goods they consume. d. both a and b are true.
The demand for dishwashers facing the AllClean Co. is given in the figure above. The firm manufactures dishwashers in two plants. MC1 and MC2 are the marginal cost curves for those two plants. What price should the firm set?
A. $25 B. $30 C. $40 D. $45 E. $55
Monopolistically competitive industries are characterized by no barriers to entry.
Answer the following statement true (T) or false (F)
The total benefits to society from pollution abatement
A) increase at an increasing rate with the increase of pollution abatement. B) increase at a decreasing rate with the increase of pollution abatement. C) decrease at an increasing rate with the increase of pollution abatement. D) decrease at a decreasing rate with the increase of pollution abatement.