Which of the Following Reasons Best Explains U

question 148

Multiple Choice

Which of the following reasons best explains U.S. imports of crude oil from Saudi Arabia and diamonds from South Africa?

• A) differences in resource endowments
• B) economies of scale
• C) differences in tastes
• D) import tariffs
• E) import quotas

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Definitions:

Future Value

The value of an investment or cash flow at a specific future date, considering compounding interest or returns.

Invested

The act of allocating resources, often money, into something to earn a financial return or achieve another economic benefit.

Annually

Refers to an occurrence or calculation done once every year.

Stamp Collection

A hobby involving the collection and study of postage stamps, often regarded as a form of historical and artistic interest.