A foreign discriminating monopolist is engaging in:
a. infant industry protection.
b. dumping its product.
c. giving preferential treatment to domestic consumers.
d. charging higher prices to foreign consumers.
Ans: b. dumping its product.
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Briefly and concisely define the following terms: a. statistical discrimination b. compensating wage differential c. affirmative action
What will be an ideal response?
The addition of government to the circular-flow model illustrates that government
A. purchases goods in the product market. B. provides services to businesses and households. C. purchases resources in the resource market. D. does all of these.
A shift to a more expansionary monetary policy will
a. help bring inflation under control. b. exert a stabilizing impact on the economy if the effects of the policy are felt during an economic downturn. c. exert a stabilizing impact if the effects of the policy are felt when the economy is operating at its full-employment capacity. d. reduce the natural rate of unemployment.
Using the aggregate demand and aggregate supply model, an increase in what curve is by itself consistent with the changes in prices and output that occurred during World War II?