Trade Restrictions Are Often Motivated by a Desire to Save

question 143

Multiple Choice

Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports.Which of the following counter-arguments is made by economists who oppose trade restrictions?

• A)Statistics show that trade restrictions actually do not save jobs.
• B)Consumers pay a high cost for jobs saved through trade restrictions.
• C)Trade restrictions have a limited impact because most Americans prefer domestic goods over imports.
• D)Trade restrictions benefit consumers in the short run but not in the long run.

Calculate equivalent units of production using the first-in, first-out (FIFO) method.

Distinguish between direct materials, direct labor, and factory overhead costs in a process costing environment.

Transfer costs between departments in a process cost system.

Identify and calculate conversion costs in a manufacturing environment.

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Definitions:

Tolerance

The allowable deviation from a standard measurement in the manufacturing process, determining how much a part can vary from a specified dimension.

Locational Transition Fits

A type of fit specifying a range wherein there may be either a slight interference or clearance between parts, used for parts requiring precise alignment.

Clearance

The amount of space or distance allowed between two parts for proper fit, function, or movement.

Interference Fits

A type of fit in mechanical engineering where two parts are so tightly fit together that they deform each other to stay in place.