The So-Called American System

question 69

Multiple Choice

The so-called American System

• A)involved the use of high tariffs to protect new industries.
• B)reduced costs and revolutionized production through labor-saving innovations in manufacturing.
• C)referred to the establishment of a common market for the western hemisphere.
• D)embraced free trade and the absence of tariffs.
• E)was reminiscent of the medieval guild system of wage and price controls.

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Definitions:

Marketplace

The arena in which commercial dealings are conducted, or where goods and services are bought and sold.

Generic Brands

Products that are not advertised and marketed under a specific brand name, often sold at lower prices compared to well-known brand names.

Private-label Brands

Private-label brands are products manufactured by one company for sale under another company's brand, often positioned as lower-cost alternatives to national brands.

Copyright

A form of protection given to the creators of original works, granting them exclusive rights to use and distribute their work for a limited time.