The good or service that is an import in the United States from the options provided is kitchenware purchased online from China. Imports are goods or services brought into a country from abroad.
Which of the following goods or services is an import in the United States? (1 point) Responses apples grown on a farm in Vermont apples grown on a farm in Vermont kitchenware purchased online from China kitchenware purchased online from China software created in California and used in Chicago software created in California and used in Chicago technical service to a customer in the Philippines
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Which of the following laws is considered a trade barrier? (1 point) Responses A company that produces furniture is shut down A company that produces furniture is shut down federal aid given to unemployed workers from a factory federal aid given to unemployed workers from a factory paying money to an industry to encourage it to make goods in the country paying money to an industry to encourage it to make goods in the country consumers deciding to purchase only locally made goods
The law that is considered a trade barrier from the options provided is paying money to an industry to encourage it to make goods in the country. This is often referred to as a subsidy, and it can act as a trade barrier by making domestic products cheaper compared to imported goods, thus discouraging imports.
What is one potential negative consequence associated with free trade? (1 point) Responses Import and export taxes are high under free trade. Import and export taxes are high under free trade. Buyers and sellers can no longer make price decisions. Buyers and sellers can no longer make price decisions. Countries that practice free trade have high unemployment. Countries that practice free trade have high unemployment. People in certain industries earn lower wages or sell fewer products.
One potential negative consequence associated with free trade is that people in certain industries earn lower wages or sell fewer products. Free trade can lead to increased competition from foreign markets, which may result in job losses or wage reductions in industries that cannot compete effectively.
Which policy would be in the best interests of consumers? (1 point) Responses increasing tariffs increasing tariffs decreasing minimum wage decreasing minimum wage breaking up large companies to increase competition breaking up large companies to increase competition changing loan interest rates to encourage saving rather than borrowing
The policy that would be in the best interests of consumers is breaking up large companies to increase competition. Increased competition can lead to better prices, improved quality of goods and services, and more choices for consumers.
Which statement best explains why division of labor increases labor productivity? (1 point) Responses Employers can pay workers more money when they get more done. Employers can pay workers more money when they get more done. Employers must fire some of their workers so fewer people have to get the work done. Employers must fire some of their workers so fewer people have to get the work done. Workers learn to do their jobs more quickly when they repeat the same tasks. Workers learn to do their jobs more quickly when they repeat the same tasks. Workers try to work more quickly because their jobs are more boring.
The statement that best explains why division of labor increases labor productivity is Workers learn to do their jobs more quickly when they repeat the same tasks. By specializing in specific tasks, workers become more efficient and skilled, leading to increased overall productivity.
A country has an economic boom and can afford to increase imports from a second country. What is likely to happen in the second country? (1 point) Responses a recession a recession an economic boom an economic boom a depression a depression increased taxes
If a country has an economic boom and can afford to increase imports from a second country, it is likely to lead to an economic boom in the second country as well. Increased demand for imports can stimulate production, create jobs, and boost the economy in the exporting country.