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
The correct answer is: kitchenware purchased online from China and technical service to a customer in the Philippines.
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 correct answer is: paying money to an industry to encourage it to make goods in the country.
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.
The correct answer is: People in certain industries earn lower wages or sell fewer products.
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 correct answer is: breaking up large companies to increase competition.
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.