Dumping refers to
A) exporting products that do not meet domestic safety standards.
B) selling inferior products to unsuspecting consumers.
C) illegally avoiding tariffs by selling products on the black market.
D) selling a product for a price below its cost of production.
D
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The production possibilities curve demonstrates the basic economic principle that:
a. market-based economies are more efficient. b. supply will determine demand in the economy. c. the production of more capital goods this year will cause the economy to produce less consumption goods next year. d. to produce more of any one thing, assuming full employment, the economy must produce less of something else. e. to produce more consumption goods this year requires the production of more capital goods this year.
A profit-maximizing firm always
a. sells its output at P = MR. b. produces at the output at which MR = 0. c. hires labor until the MRP of labor = 0. d. produces every unit of output for which MR > MC.
If the exchange rate between the yen and the dollar changes from 100 yen = $1 to 110 yen = $1, then:
A. the dollar has depreciated in value. B. U.S.-made goods will become less expensive to Japanese citizens. C. the dollar has appreciated in value. D. Japanese-made goods will become more expensive to U.S. citizens.
The text maintains that people find the workings of the economic system bewildering, largely because
What will be an ideal response?