The United States

question 208

Multiple Choice

The United States

• A) needs tariffs to allow us to compete with cheap foreign labor.
• B) does not need tariffs to allow us to compete with cheap foreign labor.
• C) should not trade with countries that have cheap labor.
• D) will not benefit from trade with countries that have cheap labor.
• E) avoids trading with countries that have cheap labor.

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Definitions:

Goods, Services

are the material items (goods) and intangible benefits (services) that fulfill consumer needs and wants.

Assets

Economic resources owned or controlled by an individual or company, expected to provide future benefits.

Currency

A system of money in general use in a particular country.

Russian Rubles

The official currency of the Russian Federation, symbolized as RUB and used for most transactions within the country.