A countervailing duty is a tariff that is levied to counteract
A) the dumping of goods in the domestic market by foreign firms.
B) a sudden surge of imports which hurt a domestic industry.
C) subsidies given to foreign firms by their own governments.
D) the tariff on domestic goods that are enacted by foreign governments.
E) low prices for imported goods that are made in countries with low wages.
C
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In the specific factors model, a 0% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________
A) increase by less then 5%; increase; decrease B) increase by 5%; remain unchanged; remain unchanged C) increase by more then 5%; increase; remain unchanged D) remain constant; increase; increase E) remain constant; decrease; decrease
The housing market crash that accompanied the 2007-2009 recession has had severe negative effects on the U.S. economy. Since December 2008, the target federal funds rate has been 0.0-0.25%
Assuming the Fed keeps the real interest rate constant, a recovery in the housing market would cause the ________, and the output gap would ________. A) MP curve to shift up; become less negative B) MP curve to shift down; become more negative C) IS curve to shift to the left; become more negative D) IS curve to shift to the right; become less negative
Which of the following limits the price a monopolist charges?
a. patents b. copyrights c. competition from other firms d. market demand e. market supply
Answer the following statements true (T) or false (F)
1. The study of economics is not useful for consumers because economic analysis focuses only on businesses and the economy. 2. The scientific method does not apply to economics because economics studies human behavior which cannot be generalized. 3. Economic principles are value judgments about what the economy should be like or the way the economic world ought to be. 4. If falling gasoline prices are good for the consumers, then it must be good everyone in the economy.