An essential point, among many, in the refutation of the “cheap foreign labor” argument is that
A. foreign workers have a lower standard of living.
B. foreign workers are less productive.
C. low foreign wages mean fewer exports for the United States.
D. the United States does not benefit from cheap foreign labor so the goods should be kept out.
Answer: B
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On a graph, an upward-sloping curve that is flatter as you move away from the origin indicates a
A) positive relationship with an increasing slope. B) positive relationship with a decreasing slope. C) negative relationship with an increasing slope. D) negative relationship with a decreasing slope.
Which of the following would most likely increase the demand for peanut butter?
a. a decrease in the price of jelly, a good that is often used with peanut butter b. the discovery that excessive consumption of peanut butter is harmful to one's health c. crop failures that raise the price of peanuts d. the invention of a new product that consumers think is a good substitute for peanut butter
A pollution tax encourages firms to develop more efficient abatement technology.
A pollution tax encourages firms to develop more efficient abatement technology.
Briefly describe the practice of predatory pricing