If the United States Cuts Back on Imports from Foreign

question 59

Multiple Choice

If the United States cuts back on imports from foreign countries, the most likely result would be which of the following?

• A) A return to the United States of high-paying manufacturing jobs
• B) Foreign countries cutting imports from the United States
• C) Foreign countries giving in to U.S. economic demands
• D) Massive job growth in the United States, as the country begins to make what it used to import
• E) Massive economic growth

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Definitions:

Taxicab Rides

The service provided by a vehicle licensed to transport passengers in return for payment, usually determined by a meter.

Economic Theory

A framework or set of principles explaining how economies function and how economic agents interact.

Quota Rent

The extra profit that producers can make when supply is artificially restricted by an import quota.

Demand Price

The highest price that consumers are willing to pay for a good or service at a given quantity.