In Table 5A1, a Duration of 28 Hours Would Be

question 14

Multiple Choice

In Table 5A1, a duration of 28 hours would be reported with a value of _____.

• A) 1
• B) 3
• C) 4
• D) 5

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Definitions:

Tariff

a tax imposed on imported goods and services, intended to make foreign commodities less price-competitive than domestic goods.

Imports

Imports are goods and services bought by residents of a country from another country, which results in an outflow of currency to foreign markets.

Domestic Consumers

Individuals or entities within a country that purchase goods and services for personal use.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than another.