Anti-dumping laws block imports that are sold below the cost of production by imposing ________.
a. tariffs that increase the price of these imports to levels higher than their cost of production
b. tariffs that increase the price of these imports to reflect their cost of production
c. nontariff barriers that increase the price of these imports to reflect their cost of production
d. nontariff barriers that make the importing of these products difficult
b. tariffs that increase the price of these imports to reflect their cost of production
Anti-dumping laws block imports that are sold below the cost of production by imposing tariffs that increase the price of these imports to reflect their cost of production.
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Which of the following correctly explains the role of the government in a free market?
A) The government acts as a referee by enforcing contracts and preventing stealing. B) The government sets prices according to the relative value of each good. C) The government allocates goods to those buyers who value the goods the most. D) The government sets production quotas for sellers in the market.
The ________ effect means that, other things remaining the same, the higher the wage rate, the less time people will spend working and the more time people will spend at leisure
A) price B) labor C) income D) substitution
Refer to the information provided in Figure 25.1 below to answer the question(s) that follow.
Figure 25.1Refer to Figure 25.1. The movement from A to B could be caused by
A. a decrease in nominal income. B. an increase in the price level. C. a decrease in the interest rate. D. an increase in the interest rate.
Which of the following is a benefit of income inequality?
A. It promotes economic growth in the less developed economies. B. It motivates people to be at the high end of income distribution. C. It reduces the intensity of business fluctuations in an economy. D. It reduces the taxes to be paid by the ones in the low end of income distribution.