When Korean firms sold VCRs in Korea at a higher price than they did in Europe, this illustrates dumping due to:
A. predatory pricing.
B. avoidance of environmental laws.
C. price discrimination.
D. retaliatory trade practices.
Answer: C
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Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
Which of the following groups does not benefit from tariffs?
A. The government of the importing country B. Workers in domestic firms producing the product C. Consumers of the product D. Domestic producers of the product
Compared to the labor market outcome when there are no payroll taxes, imposing a payroll tax on labor will typically result in
A. workers receiving a lower wage net of taxes. B. a decrease in overall employment. C. firms paying a higher wage. D. an increase in dead weight loss. E. All of these are possible outcomes.
Which of the following transactions is included in the GDP?
A. giving your friend a gift worth of $20 B. cleaning your own house C. paying a doctor for a medical checkup D. selling your 2018 Tesla vehicle