It Is Possible for the United States to Compete Against

question 80

Multiple Choice

It is possible for the United States to compete against cheap foreign labor because expensive domestic workers

• A) pay U.S. taxes.
• B) receive subsidies.
• C) are more productive.
• D) belong to unions.

---

Definitions:

Domestic Quantity Supplied

The total amount of a good or service that producers are willing and able to offer for sale within a domestic market at a given price.

Domestic Quantity Demanded

The total amount of a good or service that consumers in a given country want to buy at various prices during a specified period.

Hypothetical Nations

Imaginary or theoretical countries used for analysis or discussion in economic studies and models.

Tariffs

Taxes imposed on imported goods and services, primarily used to protect domestic industries and to generate revenue.