Dumping is defined as the situation in which
A) foreign producers sell a product at a price below the cost of production.
B) domestic producers are protected by tariffs.
C) domestic producers sell a product at prices below the cost of production.
D) foreign producers sell a product at a price above a fair level.
E) domestic producers cut production to drive up domestic prices.
A
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The reversal of fortune in terms of population density suggests that:
A) areas with a higher population density in 1500 are today relatively less prosperous. B) areas with a higher population density in 1900 are today relatively less prosperous. C) areas with a higher population density in 1900 are today relatively more prosperous. D) areas with a higher population density in 1500 are today relatively more prosperous.
The fact that rubies are more expensive than milk reflects the fact that for most consumers
A) the total utility from rubies exceeds that from milk. B) the marginal utility from rubies equals that from milk. C) more milk is consumed than rubies. D) a quart of rubies is considered to be prettier than a quart of milk.
Before 1815, Hughes and Cain (2011) claim, westward movement was blocked by
(a) disputed claims to western lands. (b) lack of government land sale surveys and offices. (c) hostile Indian tribes. (d) all of the above.
The Coase theorem states that
a. under certain circumstances government intervention is not needed to reach efficient outcomes when an externality is present. b. government intervention is always required to reach an efficient outcome when an externality is present. c. government intervention cannot lead to an efficient outcome when an externality is present. d. only negative externalities can be resolved using government intervention.