According to Empirical Observations,the Cost of Restricting International Trade in the U.S.is

question 57

Multiple Choice

According to empirical observations,the cost of restricting international trade in the U.S.is much greater than the benefits generated from restriction.In the light of the above observation,which of the following statements is true?

• A)The benefits of protecting domestic jobs typically outweigh the costs.
• B)Consumers end up paying much more for the goods they buy in order to subsidize the relatively inefficient domestic producer.
• C)U.S.GDP would be over $14 billion higher with import restrictions than without restrictions.
• D)Protection of the U.S.textile and sugar industries means that all consumers pay a lower price for clothing and sugar.
• E)Protection of the domestic industries enable the producers to charge lower prices for their products.

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Definitions:

Gifted Children

Children who display exceptional intellectual abilities, creativity, or talent at a level significantly ahead of their chronological peers.

Terman's Longitudinal Study

A long-term research project that began in the early 20th century, studying the lives of gifted individuals.

"Terman's Termites"

A longitudinal study started by Lewis Terman to examine the development of children with high IQ scores into adulthood.

Gifted Population

Individuals, often children, who demonstrate exceptional natural abilities in one or more domains.