Under U.S. law, foreign ________ is (are) illegal in U.S. markets
A) dumping and export subsidies
B) dumping only
C) export subsidies only
D) None of the above are illegal
A
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If a producer can use resources to produce either good A or good B, then A and B are
A) complements in production. B) substitutes in production. C) substitutes in consumption. D) complements in consumption.
Money payments made by governments to individuals for which no services or goods are concurrently rendered are known as
A) transfer payments. B) government-sponsored payments. C) government-inhibited payments. D) black market payments.
It is not true of economic profits that they
A. are a reward for bearing risks. B. are generally greater than accounting profits. C. are zero in a competitive market. D. are difficult to measure.
A major reason that firms form a cartel is to:
A. Reduce the elasticity of demand for the product B. Enlarge the market share for each producer C. Minimize the costs of production D. Maximize joint profits