If a good sells for $10 domestically and the same good sells for $7 abroad, then this firm is engaging in
A) marginal cost selling.
B) price discrimination.
C) price differentiation.
D) dumping.
D
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The major criticism of the view that expectations are formed adaptively is that
A) this view ignores that people use more information than just past data to form their expectations. B) it is easier to model adaptive expectations than it is to model rational expectations. C) adaptive expectations models have no predictive power. D) people are irrational and therefore never learn from past mistakes.
The deteriorating-terms-of-trade argument has been used to justify import-substitution policies
a. True b. False Indicate whether the statement is true or false
The Farm Security Act of 1985 included a gradual reduction in government support prices.
Answer the following statement true (T) or false (F)