US Citizens Pay $5 Billion More Annually for Shoes and Japanese

question 61

Multiple Choice

U.S citizens pay $5 billion more annually for shoes and Japanese citizens pay $6 billion more for rice than the actual cost of the products because

• A)both countries have suffered major financial crises due to a severe trade imbalance.
• B)both these countries have imposed tariffs on these goods to protect their domestic markets.
• C)both countries have imposed limits on the quantity of these goods leaving the domestic market.
• D)both products are considered essentials and as a result are more heavily taxed.
• E)previously these products were purchased at a lower price from nations that currently are under governmental sanctions.

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Definitions:

Globalization

The method of connecting and merging among individuals, corporations, and nations globally, frequently propelled by global commerce and investment and facilitated by information technology.

Cultural Differentialism

The perspective that cultures are distinctly different from one another and should be evaluated on their own terms rather than through the lens of another culture.

Cultural Convergence

The phenomenon where different cultures grow more similar over time due to influences like media, technology, and increased global interactions.

McDonaldization

A concept that describes the process by which the principles of the fast-food industry, such as efficiency and standardization, dominate other sectors of society.