Which of the Following Statements Is True

question 35

Multiple Choice

Which of the following statements is true?

• A)Economic efficiency would be increased if the United States eliminated all of its trade restrictions,but only if all other countries eliminated their trade restrictions too.
• B)The U.S.economy would gain from the elimination of its tariffs but not from the elimination of its quotas.
• C)Eliminating its tariffs and quotas unilaterally would not benefit the United States because this would remove the leverage it would have to persuade other countries to eliminate their trade restrictions.
• D)The U.S.economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.

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Definitions:

Audit Clerks

Individuals responsible for examining and verifying a company's financial records and transactions to ensure accuracy and compliance.

Direct Labour Costs

Costs that are directly associated with the labor required to produce goods or services, such as wages for workers on the production line.

Professional Entities

Organizational structures officially recognized for providing professional services by licensed professionals, such as lawyers, accountants, or architects.

Mass Service

Mass service involves delivering standardized services to a large number of customers, typically employing efficient processes and technology to achieve economies of scale.