Dumping means that a firm is
A) violating environmental laws.
B) selling a product in a foreign country at a lower price than it does at home.
C) selling a product in a foreign country at a higher price than it does at home.
D) selling a product of lower quality in a foreign country.
B
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Contractionary monetary policy will result in
A) higher interest rates. B) increased rates of inflation. C) a leftward shift in the long-run Phillips curve. D) an upward shift in the short-run Phillips curve.
To say that demand is inelastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.