Answer the following statements true (T) or false (F)
1.Bonded warehouses and foreign trade zones have the effect of allowing domestic importers to prorate their input duties over time.
2.A country whose imports of a product constitute a very small portion of the world market supply of that product is a price taker. Thus, this country faces a constant world price for the imports of this product.
3.Graphically, consumer surplus is the area above the demand curve and below the product's market price.
4.Producer surplus is the revenue producers receive over and above the minimum necessary for production.
5.For a "small" country, a tariff raises the domestic price of an imported product by the full amount of the tariff.
a. True
1.True
2.True
3.False
4.True
5.True
You might also like to view...
Maria works for Sigma Inc., a firm that helps companies target and promote their products to the right markets. Sigma is most likely a ________
A) financial intermediary B) physical distribution firm C) marketing services agency D) reseller E) wholesaler
A depositor who writes a bad check has committed a criminal act
Indicate whether the statement is true or false
Which of the following statements are false?
a. Solver does not offer a sensitivity report for models with integer constraints. b. Solver's sensitivity report is not suited for questions about multiple input changes. c. Solver's sensitivity report is used primarily for questions about one-at-a time changes to input. d. None of these statements are false.
According to the UCC, which of the following is not one of the buyer's rights? a. Reject defective goods that the seller cannot repair within a reasonable time. b. Unilaterally cancel a purchase contract for any reason
c. Revoke acceptance of goods if the buyer discovers defects. d. Sue for breach of contract. e. Retain the right to recover costs and expenses caused by a breach of warranty.