When a good is put onto the global market at a price below the cost to produce it, this is known as
A. a quota.
B. protection of domestic jobs.
C. dumping.
D. the infant-industry argument.
Answer: C
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Refer to the table above, which gives five points on a nation's PPF. The production of 7 units of X and 28 units of Y is
A) impossible given the available resources. B) possible but leaves some resources less than fully used or misallocated. C) on the production possibilities frontier between points c and d. D) on the production possibilities frontier between points b and c.
The prisoners' dilemma is a game in which
A) the dominant strategy for all participants is the best outcome no matter what the other side does. B) the dominant strategy is to cooperate. C) only one of the firms is able to make above-normal profits. D) each firm, in making decisions on the basis of its own self-interest, also makes decisions that benefit the group as a whole.
The official dating of recessions is done by
A. the President. B. the Council of Economic Advisors. C. the Congress. D. the National Bureau of Economic Research.
Courtney goes for an hour bike ride which yields a marginal utility of 8. She stops and gets an ice cream cone, and then rides her bike for another hour. We can say:
A. the utility gained from the ice cream was less than the second hour of bike riding. B. the utility gained from a third hour of biking would be less than the utility gained from the one ice cream. C. the utility gained from the ice cream was more than 8. D. the utility gained from a second ice cream cone was more than a second hour of bike riding.