Dumping typically occurs as long as the foreign producer sells its output at a price
A) above its total costs.
B) below its average total costs but above its average variable costs.
C) below its average variable costs.
D) above its average fixed costs but below its total variable costs.
Answer: B
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There is greater support for passive policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) all of the above.
People in poor countries may have difficulties achieving economic growth because:
a. their production possibilities curves slope upward instead of downward. b. they must cut back on current consumption to increase capital goods. c. they have a solid consumption base already in place. d. their resource bases are fully developed. e. the law of increasing costs makes it hard to produce more goods.
Real GDP per person tells us the income and expenditure of the average person in the economy
a. True b. False Indicate whether the statement is true or false
For which of the following goods is the income elasticity of demand likely highest?
a. natural gas b. doctor's visits c. hamburgers d. boats