The Quantitative Importance of U

question 32

Multiple Choice

The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact that

• A) this industry is an important employer of highly skilled labor.
• B) this industry is an important employer of low skilled labor.
• C) most of the exporters of clothing into the U.S. are poor countries.
• D) this industry is a politically well-organized sector in the U.S.
• E) the technology involved is very advanced.

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Definitions:

Expected Demand

The amount of product or service that consumers are projected to purchase at a given price over a specified period.

Monte Carlo Simulation

A computational technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate the behavior of complex systems.

Cumulative Probability

The probability of an event occurring up to a certain point in time or over a range of values, often visualized through a cumulative distribution function.

Monthly Sales

The total volume or dollar value of all sales transactions made by a business within a month, used as an indicator of business performance and market demand.