Which U.S. government agency determines the magnitude of antidumping duties?
a. the U.S. International Trade Commission
b. the Office of the Special Trade Representative
c. the International Monetary Fund
d. the Department of Commerce
Answer: a. the U.S. International Trade Commission
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If a firm is producing at an output level such that the MR is $550 and the MC is $780,
a. the firm incurs a total loss of $230 b. the firm should contract production because marginal profit is less than zero c. M? is +$230 d. the firm should expand its output level because its total revenue is rising by $550
The price of a tomato increases and people buy more lettuce. You infer that lettuce and tomatoes are ________
A) complements B) normal goods C) substitutes D) inferior goods
Any change in the volume of export or import by a small country will have no effect on its terms of trade.
Answer the following statement true (T) or false (F)
Suppose the U.S. was to experience a series of terrorists' attacks aimed at the electricity grid. This would likely
A. decrease aggregate supply. B. decrease aggregate demand. C. increase aggregate supply. D. increase aggregate demand.