Consumers of Imported Goods Are __________ as a Result of Trade

question 60

Multiple Choice

Consumers of imported goods are __________ as a result of trade and consumers of exported goods are ___________ as a result of trade.

• A) winners;losers
• B) winners;winners
• C) losers;winners
• D) losers;losers
• E) neither winners nor losers;neither winners nor losers

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Definitions:

Demand Conditions

The various factors that influence the quantity of a product or service that consumers are willing and able to purchase.

Cost Conditions

Relate to the factors that influence the costs of production for goods and services, including material, labor, and overhead costs.

Cost Conditions

The factors that influence the costs associated with producing goods or services, including raw material prices, labor costs, and operational efficiencies.

Demand Conditions

Factors that influence the demand for goods and services in an economy, including income levels, tastes, and prices of related goods.