Dumping means that a firm is
A) violating environmental laws.
B) selling a product in a foreign country at a lower price than it does at home.
C) selling a product in a foreign country at a higher price than it does at home.
D) selling a product of lower quality in a foreign country.
B
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The Federal Reserve's narrowest definition of the money supply is
a. M0. b. M1. c. M2. d. M3.
The marginal (dollar) cost of an additional plate of food to a patron at an "All-You-Can-Eat" restaurant is: a. equal to the price paid for the meal divided by the number of plates of food consumed. b. equal for every plate of food consumed during the meal
c. equal to zero. d. equal to the price paid for the meal (since there is no such thing as a free lunch).
If substantial income mobility is present,
a. there is considerable movement of individuals up and down the income ladder when income comparisons among the same individuals or households are made at different points in time. b. annual income data are an accurate indicator of the long-term economic status of individuals and families. c. the rich tend to stay rich and the poor tend to stay poor. d. individuals and families move quite often among the geographic regions of a country but not among income groups.
Last year, Tess bought 5 handbags when her income was $54,000 . This year, her income is $60,000 . and she purchased 7 handbags. Holding other factors constant, it follows that Tess's income elasticity of demand is about
a. 0.32, and Tess regards handbags as inferior goods. b. 0.32, and Tess regards handbags as normal goods. c. 3.17, and Tess regards handbags as inferior goods. d. 3.17, and Tess regards handbags as normal goods.