In the United States, dumping is

In the United States, dumping is
 a. encouraged because it lowers prices for consumers
  b. prohibited by the Trade Agreement Act of 1979
  c. discouraged by domestic consumers who benefit from the lower price
  d. encouraged because it encourages competition
  e. encouraged because it promotes expenditure on R&D

QUESTION 2

The production of capital goods, which are then used to produce consumer goods, is called
 a. efficient production
  b. intermediation
  c. time preferences
  d. roundabout production
  e. derived production

QUESTION 3

Dumping is the practice of
 a. selling a lower quality product abroad
  b. selling a commodity abroad at a price lower than the domestic price
  c. selling a commodity abroad at a price higher than the domestic price
  d. flooding a foreign market with large quantities of a good
  e. most less-developed countries but not industrialized countries

QUESTION 4

Which of the following is an example of roundabout production?
 a. Paul pays Ringo to wash his car.
  b. A church has a bake sale to raise money for a new narthex.
  c. Jane saves her money to buy a stereo.
  d. Robinson Crusoe makes a fish net to help him catch more fish per day.
  e. Business owners in Minneapolis buy blocks of Minnesota Twins baseball tickets to help guarantee that the team will stay in town.

QUESTION 5

According to some economists, the protection granted to infant industries should be
 a. terminated after one year.
  b. for new firms that eventually would develop significant economies of scale in their production processes
  c. restricted to firms that face little competition
  d. based on current absolute advantage
  e. permanent