________ protection, similar to the escape clause in U.S. law, refers to temporary protection given to local industries facing competition from fairly traded foreign products
A) Safeguards
B) Countervailing duty
C) Fair trade
D) Competitive trade
A
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Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price for this product is $6, then domestic producers in Marketopia would lose revenue equal to
A. $6,000. B. $14,400. C. $8,400. D. $2.
Which of the following is not a characteristic of a battle of the sexes game?
A) Each player has a dominant strategy. B) Nash equilibria exist at every outcome where the players successfully coordinate. C) The two general outcomes are where players either coordinate with one another or they do not. D) The payoff for coordinating is higher than the payoff for not coordinating.
When aggregate economic activity is declining, the economy is said to be in
A) a contraction. B) an expansion. C) a trough. D) a turning point.
If a country is exporting a good, this is because the country has an absolute advantage in the production of that good
a. True b. False Indicate whether the statement is true or false