Which of the following unfair trade remedies is used LEAST often?
a. antidumping duties
b. countervailing duties
c. safeguard or escape clause duties
d. antidumping and countervailing duties.
Answer: c. safeguard or escape clause duties
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In a perfectly competitive market, if all firms face identical, constant marginal marginal cost curves, then consumer surplus is
A) the area beneath the market demand curve and above the market clearing price. B) the area above the market demand curve and above the market clearing price. C) the total area beneath the market demand curve. D) definitely zero.
Producing a homogeneous product occurs in which of the following industries?
A) oligopoly, monopolistic competition, and perfect competition B) perfect competition only C) oligopoly and perfect competition D) monopolistic competition and perfect competition
During the financial crisis of 2008, the fall in consumer spending:
A. prompted many firms to increase their output. B. allowed many firms to increase investment spending. C. forced many firms to lay off their workers. D. enabled many firms to increase their prices.
Union membership has increased continuously in the United States since the 1950s
Indicate whether the statement is true or false