Dumping is the practice of
a. selling a lower quality product abroad
b. selling a commodity abroad at a price lower than the domestic price
c. selling a commodity abroad at a price higher than the domestic price
d. flooding a foreign market with large quantities of a good
e. most less-developed countries but not industrialized countries
B
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The SAS curve shifts if there is a change in
A) the price level. B) real GDP. C) nominal GDP. D) potential GDP.
An international comparison of eight major industrialized countries reveals the following about the components of GDP: ________
A) the U.S. has one of the largest shares of GDP going to investment B) the U.S. has one of the smallest government share of GDP C) the U.S. runs one of the largest trade deficits D) all of the above E) none of the above
Which of the following represents a preventative measure against bank runs?
A) The President of the United States can order banks to pay depositors. B) The Federal Reserve can lower reserve requirements to ensure that banks have sufficient funds. C) The FDIC provides deposit insurance. D) None of the above is correct.
In the short run, a firm operating in a monopolistically competitive market
a. produces an output level where marginal revenue equals average total cost. b. sets price equal to demand where marginal revenue equals marginal cost. c. must earn zero economic profits. d. maximizes revenues as well as profits.