If Import Restrictions Prohibit Foreigners from Selling Various Goods in the U.S

question 173

Multiple Choice

If import restrictions prohibit foreigners from selling various goods in the U.S. market,

• A) the United States will be able to export more goods abroad.
• B) foreigners will have fewer U.S. dollars with which to buy goods from Americans.
• C) the United States will be able to produce a larger output than would otherwise be the case.
• D) the domestic producers in the protected industries will supply goods to U.S. consumers at lower prices than would otherwise be the case.

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Definitions:

Innovative Solutions

Novel and creative answers to problems or challenges that improve processes, methodologies, or technologies.

Improved Quality

Improved quality involves enhancements in the standard or grade of products or services to meet or exceed customer expectations.

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An individual who starts, operates, and assumes the risk of a business venture, aiming to transform innovations into economic goods.

Necessary Risks

Risks that are considered essential to take in pursuit of achieving objectives, innovation, or staying competitive in business.