When a tariff supporter argues that foreign producers are selling their products for prices below the costs of production, which of the following is being used?
A) Save domestic jobs argument
B) National security argument
C) Dumping argument
D) Infant-industry argument
E) Diversity and stability argument
C
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Producer surplus
A. is the difference between the minimum price producers are willing to accept for a product and the higher equilibrium price. B. is the difference between the maximum price consumers are willing to pay for a product and the lower equilibrium price. C. rises as equilibrium price falls. D. is the difference between the maximum price consumers are willing to pay for a product and the minimum price producers are willing to accept.
Which of the following serves to protect a monopoly structure?
a. appearance of close substitute goods b. creation of technologies that serve to break down barriers to entry c. continuing exclusive access to resources required to produce the good d. easier access to resources required to produce the good e. diseconomies of scale
An increase in net exports will shift the aggregate expenditures curve ________.
A. downward and the aggregate demand curve rightward B. downward and the aggregate demand curve leftward C. upward and the aggregate demand curve leftward D. upward and the aggregate demand curve rightward
Jennifer lives in two periods. In the first period, her income is fixed at $72,000; in the second, she is gets a 4% raise in her income. She can borrow and save at the market interest rate of 5 percent.
(A) Sketch her intertemporal budget constraint. (B) Suppose that Jennifer is unable to lend at any rate of interest, although she can still borrow at 5 percent. Sketch her new intertemporal budget constraint.