ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
EXPORTING AND IMPORTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Made In China
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Made In Massachusetts
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Made in California
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Made in Alaska
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Detailed explanation-1: -This trade has helped the United States in the form of lower prices for consumers and higher profits for corporations, but it has also come with costs. Though U.S. consumers benefited from the flood of cheaper goods from China, millions of Americans lost their jobs due to import competition.
Detailed explanation-2: -Machinery & Electrical: 24% of U.S. imports from China. Miscellaneous: 19% Metals: 10% Textiles: 8%
Detailed explanation-3: -U.S. goods imports from China totaled $434.7 billion in 2020, down 3.6 percent ($16.0 billion) from 2019, but up 19 percent from 2010. U.S. imports from are up 325 percent from 2001 (pre-WTO accession). U.S. imports from China account for 18.6 percent of overall U.S. imports in 2020.