Which of the Following Reasons Best Explains U

question 109

Multiple Choice

Which of the following reasons best explains U.S.imports of crude oil from Saudi Arabia and diamonds from South Africa?

• A)Differences in resource endowments
• B)Economies of scale
• C)Differences in tastes
• D)Import tariffs
• E)Import quota

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Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, indicating the financial health of a company's core activities.

List Price

The published price of a product or service, often suggested by the manufacturer or service provider, before any discounts or negotiations.

Standard Amount

A pre-determined or fixed quantity used as a benchmark, reference, or norm for measurements, production, or financial assessments.

Net Worth

The total value of an individual's or entity's assets minus their liabilities; a measure of financial health.