The U.S. government proposed a tariff against some Chinese textiles and clothing when the trade deficit with China reached $103 billion. Explain what the United States was trying to achieve through this action
What will be an ideal response?
Governments use tariffs on imported goods to give domestic competitors an advantage in the marketplace by making foreign competitors' goods more expensive than their own goods. By placing a tariff on certain items imported from China, the U.S. government was trying to provide U.S. consumers a financial incentive for buying products made within the United States.
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Which of the following would be a case where an event as a transaction is not supported by a source document?
a. a purchase of inventory on credit b. a cash sale c. the financial consequences of a fire loss d. recording payroll
In the past, ________ allowed manufacturers to establish artificially high prices by limiting the ability of wholesalers and retailers to offer reduced or discounted prices.
A. price discrimination B. the Robinson-Patman Act C. minimum markup laws D. the Consumer Goods Pricing Act E. fair trade laws
Prevlar's budget for variable overhead and fixed overhead revealed the following information for an anticipated 40,000 hours of activity: variable overhead, $348,000; fixed overhead, $600,000.The company actually worked 43,000 hours and actual overhead incurred was: variable, $365,500; fixed, $608,000.Required: A. Compute the company's total cost variance for variable overhead and fixed overhead if the firm uses a static budget to help assess performance.B. Repeat part "A" assuming the use of a flexible budget.C. Which of the two budgets (static or flexible) is preferred for performance evaluations? Why?
What will be an ideal response?
Which of the following is a direct benefit from the adoption of NAFTA? a. A reduction in illegal immigrants crossing the border from Mexico b. An increase in manufacturing job opportunities in the U.S
c. An increase in trade between U.S., Canada, and Mexico d. An increase in trade between U.S. and China