An Import Tariff Will Cause the Terms of Trade of the ________

question 30

Multiple Choice

An import tariff will cause the terms of trade of the ________ country to ________ and will ________ the country.

• A) importing; improve; benefit
• B) exporting; improve; benefit
• C) importing; suffer; harm
• D) exporting; improve; harm
• E) importing; improve; harm

---

Definitions:

Material Variances

Material variances are differences between the actual costs of materials and the expected (or standard) costs.

Cost Variances

The difference between actual costs and standard or budgeted costs in business operations.

Standard Manufacturing Costs

The predetermined cost of manufacturing a single unit, including direct labor, direct materials, and manufacturing overhead, under normal conditions.

Sales Price Variance

The difference between the actual price at which goods are sold and the expected (or standard) selling price, affecting revenue.