By tradition, Japanese employers cannot “lay off” workers. As a result they have goods that they cannot sell on the domestic market without driving down prices. To minimize losses, they sell goods such as steel and televisions in foreign markets at prices well below those in Japan. This is called
A. beggar my neighbor.
B. helpfulism.
C. strategic trade policy.
D. dumping.
Answer: D
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The marginal product of labor for Acme, Inc is 15. The average product of labor is 25, and the price of labor is $10. Assuming that Acme, Inc is a competitor in its output and input markets, the marginal revenue product of labor:
A) is $10. B) is $150. C) is $250. D) is $375. E) cannot be determined with the information provided.
Vertical integration has no effect on the internal organization of a firm; it only affects the outside markets
a. True b. False
If a dinner guest was serious when she said that she could never get enough of your cooking, you would conclude that the marginal utility of your cooking for her was _____
a. negative b. zero c. increasing at an increasing rate d. positive e. more than total utility
For barter exchange to take place,
a. there has to be a double coincidence of wants b. the goods must be divisible c. money must be assigned to each barter transaction to indicate the values exchanged d. no less than four parties (at least two sellers, two buyers) to the exchange are needed e. gold has to be one of the goods traded