The Simultaneous Export and Import of Widgets by the United

question 8

Multiple Choice

The simultaneous export and import of widgets by the United States is an example of

• A)intra- industry trade.
• B)the effect of a monopoly on international trade.
• C)imperfect competition.
• D)increasing returns to scale.
• E)inter- industry trade.

---

Definitions:

Cost Of Living Adjustment

An increase in income to match the rise in the price of goods and services, maintaining the purchasing power in inflationary times.

Social Security Recipients

Social Security recipients are individuals who receive benefits from the Social Security program, which is a government-run program providing financial assistance to people with disabilities, retirees, and their survivors.

Labor Contracts

Agreements between employers and employees or their representatives outlining terms of employment, wages, hours, conditions, and other workplace matters.

Frictional Unemployment

A type of unemployment that occurs when workers are between jobs, either because they are searching for new positions or are transitioning from one job to another.