If the US Continually Runs a Bilateral Trade Deficit with Japan, Then

question 61

Multiple Choice

If the U.S. continually runs a bilateral trade deficit with Japan, then

• A) Japan's trade policies must be unfair to the United States.
• B) the United States is worse off as the result of its trade with Japan.
• C) Japan is the low-cost supplier of goods that we import intensively.
• D) both a and b are true.

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Definitions:

Bourgeoisie

The social class that owns the means of production in a capitalist society, typically contrasted with the working class or proletariat.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined mainly by competition in a free market.

Economist Amartya Sen

An Indian economist and philosopher, noted for his contributions to welfare economics, social choice theory, and for his work on famine, human development theory, and the underlying mechanisms of poverty.

Famine

Famine is a severe shortage of food, often due to disaster, war, or economic failure, leading to widespread hunger and malnutrition.