Why Did the U

question 103

Multiple Choice

Why did the U.S. price of imports of compact trucks (like the Toyota Tacoma) not increase by 25% when the U.S. Customs Service reclassified them as "complete or unfinished trucks" with a tariff of 25%?

• A) U.S. truck dealers that retailed imported compact trucks lowered their retail prices and absorbed part of the tariff.
• B) U.S. consumers negotiated lower retail prices from U.S. truck dealers selling imported compact trucks.
• C) The U.S. government decided not to collect the 25% tariff on imported Japanese compact trucks and instead made them subject to voluntary export restraints.
• D) Japanese truck manufacturers lowered their prices on trucks exported to the U.S. market and absorbed part of the tariff.

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Definitions:

Transmission

The act or process by which something is conveyed or carried from one place or person to another.

Shared Knowledge

Information, ideas, or understanding that is common to a group of people and forms part of their collective consciousness or culture.

Generations

Groups of individuals, typically within a family, who are born and live around the same time, marking distinct stages in societal or familial development.

Collectivism

A cultural value that emphasizes the importance of the group or community over individual achievements or desires.