________ a Requirement That Some Specific Fraction of a Good

question 83

Multiple Choice

________ a requirement that some specific fraction of a good be produced domestically.

• A) Administrative trade policies are
• B) The Buy American Act is
• C) A local content requirement is
• D) Bureaucratic rules are

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Definitions:

Normative Statement

An opinion or assertion about how the world ought to be, often reflecting values or judgments that cannot be tested or proven true or false.

Production Possibilities Frontier

A graph that shows the various combinations of output that an economy can possibly produce, given the available factors of production and the available production technology.

Trade-Off

A choice made in a given situation where one aspect of a set or design is reduced or forfeited to improve other elements.

Opportunity Cost

The dropping of possible gains that could come from other alternatives when a specific one is chosen.