Which of the Following Statements Is True

question 35

Multiple Choice

Which of the following statements is true?

• A)Economic efficiency would be increased if the United States eliminated all of its trade restrictions,but only if all other countries eliminated their trade restrictions too.
• B)The U.S.economy would gain from the elimination of its tariffs but not from the elimination of its quotas.
• C)Eliminating its tariffs and quotas unilaterally would not benefit the United States because this would remove the leverage it would have to persuade other countries to eliminate their trade restrictions.
• D)The U.S.economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.

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Definitions:

Business Organizations

Entities formed for the purpose of carrying on a commercial enterprise, including sole proprietorships, partnerships, corporations, and other types.

Key Attributes

Essential properties or characteristics that define or identify something, often used in database systems to describe significant fields in a table.

Generally Accepted Accounting Principles

A collection of commonly-followed accounting rules and standards for financial reporting.

Main Groups

Refers to the primary categories or segments into which organizational entities, data, or items are classified.