Protectionism through anti-dumping laws blocks imports that are sold below the cost of production by imposing ___________ that increase the price of these items to reflect their cost of production.
a. quotas
b. tariffs
c. standards
d. sanctions
b. tariffs
Protectionism through anti-dumping laws blocks imports that are sold below the cost of production by imposing tariffs that increase the price of these items to reflect their cost of production.
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At a price of $5, consumers buy 200 units of good X. When the price falls to $4, quantity demanded increases to 250 units. We can conclude that over this range, demand is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
Extrapolating past values of a variable to the present is the practice of __________ expectations, which is fairly common among __________ economists
A) adaptive; New Classical B) adaptive; Keynesian C) rational; New Classical D) rational; Keynesian
The ability to produce at a lower opportunity cost than someone else is referred to as: a. absolute advantage
b. comparative advantage. c. absolute superiority. d. competitive disadvantage.
Frictional unemployment refers to