Which of the following is an antidumping argument in favor of restrictions on foreign trade?
a. Foreign producers must be prevented from exporting their goods below cost of production
b. Domestic workers must be protected from the lower wages paid in foreign countries.
c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods.
d. Do unto others as they do unto you.
e. Industries in the early stages of development must be protected from more mature producers.
A
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If a monopolistically competitive firm is producing 50 units of output where marginal cost equals marginal revenue, total cost is $1,674 and total revenue is $2,000, its average profit is
A) $326. B) $40. C) $6.52. D) impossible to determine without additional information.
Under a pure price system, the decision of resource allocation is made by
A) the head of the government. B) a queen or king. C) individuals who own the resources. D) no one.
If the price of a product being sold in a perfectly competitive market increases,
A) the MRP curve shifts to the right. B) the MPP curve shifts to the right. C) the MFC curve shifts to the right. D) the MFC curve shifts to the left.
Which of the following regions obtained most of its imported goods from the United Kingdom?
a. the New England colonies b. the Middle colonies c. the upper Southern colonies d. the lower Southern colonies e. All of the above.