What is the dumping argument for protection from international trade?
A) Domestic firms must be protected until they gain a comparative advantage.
B) Any firm necessary in wartime must be protected.
C) Foreign producers selling below cost to drive domestic firms bankrupt must be stopped.
D) Domestic jobs must be protected from competition from low-paid foreign workers.
E) Foreigners selling products in the economy limit the nation's diversity and stability.
C
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Answer the following questions true (T) or false (F)
1. The marginal value product for labor is equal to the marginal physical product for labor times the product price. 2. Average variable costs is equal to the firm's total variable costs divided by its total output. 3. An example of average physical product in agriculture is the yield or number of bushels of corn produced per acre.
Which statement is false?
A. Compared to 30 years ago, there is more sentiment in the U.S. for protection against the import of foreign goods. B. The basis for international trade is specialization. C. Our balance of trade has been negative since the early 1900s. D. None of these statements are true.