1.________ occurs when a firm cuts prices below production costs in a deliberate
ID: 1239801 • Letter: 1
Question
1.________ occurs when a firm cuts prices below production costs in a deliberate attempt to drive competitors out of business.Select one:
a. Voracious dumping
b. Ravaging dumping
c. Predatory dumping
d. Deliberate dumping
2.If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve.
Select one:
True
False
4.The argument that calls for the trade protection of only newly developing industries is known as the ________ argument.
Select one:
a. learning by doing
b. predatory dumping
c. infant industry
d. developing nation
6.Which of the following trade agreements provides for the development of a single market among its members?
Select one:
a. North American Free Trade Agreement
b. World Trade Organization
c. European Union
d. Asian Pacific Economic Cooperation
8.An import quota
Select one:
a. limits the amount of a good that can be imported, thus decreasing prices.
b. limits the amount of a good that can be imported, thus increasing prices.
c. increases the amount of a good imported, thus decreasing prices.
d. increases the amount of a good imported, thus increasing prices.
9.Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will
Select one:
a. harm hat workers, benefit banana workers, but benefit the nation as a whole.
b. harm hat workers, harm banana workers, but benefit the nation as a whole.
c. benefit hat workers, harm banana workers, but harm the nation as a whole.
d. benefit hat workers, harm banana workers, but benefit the nation as a whole.
10.An import quota is the same as an import ban.
Select one:
True
False
Explanation / Answer
1.________ occurs when a firm cuts prices below production costs in a deliberate attempt to drive competitors out of business.
Select one:
a. Voracious dumping
b. Ravaging dumping
c. Predatory dumping
d. Deliberate dumping
2.If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve.
Select one:
True
False
4.The argument that calls for the trade protection of only newly developing industries is known as the ________ argument.
Select one:
a. learning by doing
b. predatory dumping
c. infant industry
d. developing nation
6.Which of the following trade agreements provides for the development of a single market among its members?
Select one:
a. North American Free Trade Agreement
b. World Trade Organization
c. European Union
d. Asian Pacific Economic Cooperation
8.An import quota
Select one:
a. limits the amount of a good that can be imported, thus decreasing prices.
b. limits the amount of a good that can be imported, thus increasing prices.
c. increases the amount of a good imported, thus decreasing prices.
d. increases the amount of a good imported, thus increasing prices.
9.Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will
Select one:
a. harm hat workers, benefit banana workers, but benefit the nation as a whole.
b. harm hat workers, harm banana workers, but benefit the nation as a whole.
c. benefit hat workers, harm banana workers, but harm the nation as a whole.
d. benefit hat workers, harm banana workers, but benefit the nation as a whole.
10.An import quota is the same as an import ban.
Select one:
True
False
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