Representative Vazquez Cites the "Jobs Argument" When He Argues Before

question 191

Multiple Choice

Representative Vazquez cites the "jobs argument" when he argues before Congress in favor of restrictions on trade; he argues that everything can be produced at lower cost in other countries. The likely flaw in Representative Vazquez's reasoning is that he ignores the fact that

• A)there is no evidence that any worker ever lost their job because of free trade.
• B)unemployment of labor is not a serious problem relative to other economic problems.
• C)the gains from trade are based on comparative advantage.
• D)the gains from trade are based on absolute advantage.

Determine days’ sales in inventory and evaluate company performance.

Understand the lower of cost and net realizable value (LCNRV) rule and its application.

Differentiate between goods on consignment and goods in transit and their impact on inventory.

Grasp the concept of the gross profit method for estimating ending inventory.