In 2002 some politicians and many representatives of the steel and iron-ore mining industries in the U.S. complained foreign steel producers were illegally "dumping" steel and contributing to a potential unemployment problem
According to the economic way of thinking, their argument is questionable because A) it is not at all clear what the appropriate or correct price of steel is.
B) it is not at all clear what the appropriate or correct cost of steel is.
C) it is not at all clear that such an activity increases total unemployment in the U.S.
D) all of the above are true.
D
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If the prices of both goods increase by 10 percent, the budget line
a. shifts to the right in parallel fashion. b. shifts to the left in parallel fashion. c. is unaffected since only relative price changes matter. d. pivots on the axis of the more expensive good.
Table 9.2 represents 3 markets for used guitars. Which of the markets in Table 14.2 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. 2 and 3
You are given the following short-run information for an individual firm. Labor (L) is the only variable input. The price of labor is $200/week. Fixed costs are $100/week. Complete the rest of the table. Describe the relationship between the MP and
MC. At which output level does the law of diminishing returns set in?
the Figure 4.3 illustrates the demand for tacos. An increase in price of tacos would bring about a movement from:
A. point a to point c. B. point c to point a. C. D2 to D0. D. D0 to D1.