Question
1)When a firmsdumps some of its products in anothercountry, it A. is specializing according to comparative advantage. B. sells its products abroad at a price
1)When a firms"dumps" some of its products in anothercountry, it
A.
is specializing according to comparative advantage.
B.
sells its products abroad at a price lower than it costs to produce the goods.
C.
increases the total level of employment in the receiving country.
D.
creates an environmental hazard in the receiving country.
2)An import quota is a
A.
tariff imposed on goods that are dumped in the country.
B.
marketminus
imposed balancing factor that keeps prices of imports and exports in equilibrium.
C.
governmentminus
imposed restriction on the quantity of a specific good that can be imported.
D.
law that prevents ecologically damaging goods from being imported into a country.
3)
Tim has $27.00
27.00 a week to spend on cookies
cookies and
donuts
donuts.
The price of a bag of cookies
bagofcookies is $2.25
2.25 and the price of a box of donuts
boxofdonuts is $0.75
0.75.
DrawTim's budget line. Label it.
>>> Plot the quantity of donuts
donuts on the x-axis.
If the price of a box of donuts
boxofdonuts falls, Tim's consumption possibilities______.
A.
increase and if Tim spends all of his income on cookies
cookies, he can buy more cookies
cookies
B.
decrease
C.
increase or decrease but it is not possible to predict without knowing if his income also changes
D.
increase and if Tim spends all of his income on donuts
donuts, he can buy more donuts
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