A Nation's Producers Can Compete Effectively with Imports from Other

question 90

Multiple Choice

A nation's producers can compete effectively with imports from other nations if:

• A)they have an abundance of unskilled workers.
• B)the relative price of exports to imports is high.
• C)the labor cost per unit of output is low.
• D)they have a high opportunity cost of production.
• E)they have an absolute advantage in the production of all goods.

Grasp the historical context and significance of the Wagner Act, Taft-Hartley Act, and the Landrum-Griffin Act.

Identify what constitutes a protected class under Title VII of the Civil Rights Act of 1964 and understand the concept of disparate impact on these classes.

Understand the concept of indifference curves and their shapes based on consumer preferences.

Analyze the effects of income changes on a consumer’s budget line and choices.

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Definitions:

Treasury Bill

A short-term government security issued at a discount from the face value and paying no interest, maturing usually in one year or less.

Fraud Triangle

A model that describes the three elements present when an individual commits fraud: opportunity, pressure, and rationalization.

International Companies

Businesses that operate across multiple countries beyond their original or home country, dealing with international production or trade.

U.S Companies

Businesses incorporated and operating within the United States, subjected to U.S federal and state laws and regulations.