Countervailing duties are intended to neutralize any unfair advantage that foreign exporters might gain because of foreign
A) tariffs.
B) subsidies.
C) quotas.
D) Local-Content legislation.
E) comparative advantage.
B
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Ronald Reagan believed that reducing income tax rates would
a. do little, if anything, to encourage hard work. b. result in large increases in deadweight losses. c. raise economic well-being and perhaps even tax revenue. d. lower economic well-being, even though tax revenue could possibly increase.
Refer to the information provided in Table 14.2 below to answer the question that follows. Table 14.2B's Strategy ?AdvertiseDon't Advertise??A's profit $100 millionA's profit $200 million?AdvertiseB's profit $100 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $75 million?AdvertiseB's profit $200 millionB's profit $75 millionRefer to Table 14.2. If both firms follow a maximin strategy, the equilibrium in the game is
A. (Don't Advertise, Don't Advertise). B. (Don't Advertise, Advertise). C. (Advertise, Advertise). D. (Advertise, Don't Advertise).
When the price of almonds falls
A) the quantity of almonds demanded increases, ceteris paribus. B) the demand for almonds decreases, ceteris paribus. C) the demand for almonds increases, ceteris paribus. D) the quantity of almonds demanded decreases, ceteris paribus.
The legal system provided by the government is necessary for the smooth working of markets because
A) it keeps criminals off of the streets. B) it defines and protects property rights. C) it is set up in the U.S. constitution. D) it ensures that producers maximize their profits.