In U.S. trade law, the ________ allows for the imposition of restrictions on fairly traded imports that cause or threaten harm to domestic industry
A) escape clause
B) countervailing duty
C) GATT
D) fair trade law
A
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One of the requirements for a monopoly is that
A) products are high priced. B) there are several close substitutes for the product. C) there is a product with no close substitutes. D) the product cannot be produced by small firms. E) there is no barrier to entry.
Who ends up paying when sunk costs are incurred as a result of erroneous forecasting?
A) No one pays them because they are sunk. B) The consumer, because they eventually show up as higher prices. C) The government, since they fall evenly on the entire community. D) The taxpayer, because they produce a decline in assessed valuations. E) Whoever invested in the unsuccessful project.
Which of the following is NOT a primary center of foreign-exchange trading?
A) New York B) London C) Munich D) Tokyo
For a single country to influence the price of some good in the global market:
A. it must be considered a price taker. B. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide. C. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide. D. the country must be large relative to other nations in the world