ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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producing certain goods very well and for a reduced cost.
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items sold to other countries.
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dependence on others to get products you do not produce and needing to purchase items from them.
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items purchased from other countries. Goods come into the USA.
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Detailed explanation-1: -An import is a product or service produced abroad and purchased in your home country. Imported goods or services are attractive when domestic industries cannot produce similar goods and services cheaply or efficiently.
Detailed explanation-2: -Imports are any resources, goods, or services that producers in one country sell to buyers in another country. CBP offers tips for new importers, including those who have recently started importing or who would like to know more about the process.
Detailed explanation-3: -The United States imports more than half of its total volume from five countries: China, Canada, Mexico, Japan, and Germany. Although the United States can manufacture goods it imports, these exporting countries have comparative advantages.
Detailed explanation-4: -Commercial Invoice (Invoice from seller to buyer) Packing List. Bill of Lading. Entry Manifest (CBP Form 7533) or Application and Special Permit for Immediate Delivery (CBP Form 3461) Evidence of Bond. Entry Summary (Form 3501) 05-May-2022
Detailed explanation-5: -Machinery (including computers and hardware) – $386.4 billion. Electrical machinery – $367.1 billion. Vehicles and automobiles – $306.7 billion. Minerals, fuels, and oil – $241.4 billion. Pharmaceuticals – $116.3 billion. Medical equipment and supplies – $93.4 billion. More items •17-Dec-2019