An exporter is said to be engaged in _______ if it _______ goods and services at a price _______ .
A) cut-throat competition: sells; below the price in the foreign market
B) retaliation; buys; above the price in the foreign market
C) dumping; sells; below the foreign costs of production
D) dumping; sells; below its own production cost
Ans: D) dumping; sells; below its own production cost
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When deciding whether to buy a second car, the economic way of thinking indicates that the purchaser should compare
a. the benefits expected from two cars with the cost of both. b. the additional benefits expected from a second car with the cost of the two cars. c. the dollar cost of the two cars with the potential income that the cars will generate. d. the additional benefits of the second car with the additional cost of the second car.
Suppose Turkey increases its saving rate. In the long run
a. the growth rates of productivity and real GDP per person increase. b. productivity and real GDP per person increase. c. the growth rate of productivity increases, and real GDP per person increases. d. productivity increases, and the growth rate of real GDP per person increases.
When households find themselves holding too much money, they respond by
a. purchasing interest-earning financial assets and interest rates fall. b. purchasing interest-earning financial assets and interest rates rise. c. holding the extra money and interest rates rise. d. selling interest-earning financial assets, which eliminates the excess supply of money.
As a result of a decrease in the price of online streaming movies, consumers download more movies online and buy fewer DVDs. This is an illustration of:
A. Consumer sovereignty B. The income effect C. The substitution effect D. Diminishing marginal utility