In 2002,the U

question 17

Multiple Choice

In 2002,the U.S.imposed higher tariffs on steel imports to save American jobs.How did these tariffs reduce U.S exports?

• A)The dollars that foreigners could have earned on U.S.imports decreased,thus reducing U.S.exports.
• B)The tariffs led to lower imports of steel,a depreciation of the dollar,and consequently lower U.S.exports.
• C)The country's trading partners have always imposed high tariffs on their own imports.
• D)The tariffs increased domestic inflation leading to a depreciation of the dollar and consequently,lower U.S.exports.

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement.

Deposits In Transit

Funds that have been received and recorded by a business but not yet credited to its bank account, typically due to timing differences in bank processing.

Checkbook Balance

The amount of money available in an account, according to the account holder's records.

Bank Service Charge

Fees charged by a bank to a customer for account maintenance, transactions, and other financial services.