Dumping is
A) selling a good abroad in huge quantities at a very low price.
B) exporting goods that are sources of pollution.
C) exporting goods that are of inferior quality relative to the goods sold in the domestic market.
D) selling a good abroad at a price below cost or below the price charged in the domestic market.
Answer: D
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a. 0.52 b. 0.5 c. 0.34 d. 0.1
Adam Smith's invisible hand is now called
A. The market mechanism. B. Economic growth. C. Opportunity cost. D. Laissez faire.
In a market system, what provides individuals the information needed to make decisions?
A. insurance B. prices C. patents D. government
The graph above shows the PPC for a country that can produce oil or televisions. The straight line is the trade line and CPC if production is at Point A. Which of the following is a true statement?
A) This country should produce relatively more oil and relatively fewer televisions. B) This country should produce relatively more televisions and relatively less oil. C) This country should produce more of both goods. D) This country is producing the optimal mix of oil and televisions to maximize its income.