Dumping occurs when, in a foreign market, a good is sold
A) below its cost of production or below the price in that market.
B) at a discount below the list price.
C) below its nominal price.
D) at a price above the equilibrium price.
Answer: A
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Monopoly profits lead to technological process by
A) increasing the amount of human capital in the economy. B) firms lobbying Congress for protection of their monopolies. C) carefully investing deadweight loss. D) encouraging the development of innovations by firms attempting to break a monopoly.
Finding the occupation or business activity in which you are relatively more productive helps you earn more money than otherwise would be the case. This reflects the
A) principle of compound interest. B) law of diversification. C) law of large numbers. D) law of comparative advantage.
Which of the following is an example of market failure?
A. Negative externalities. B. Positive externalities. C. Public goods. D. All of these.
Which of the following is NOT a true statement about the Lorenz curve?
A) The Lorenz curve includes both money income and income in kind. B) The Lorenz curve does not include unreported income obtained from the underground economy. C) The Lorenz curve does not consider different sizes of households. D) The Lorenz curve does not consider age differences among wage earners.