Which of the following goods or services is an import to the United States?(1 point)
Responses
software created in California and used in Chicago
software created in California and used in Chicago
apples grown on a farm in Vermont
apples grown on a farm in Vermont
an automobile that is manufactored in the USA
an automobile that is manufactored in the USA
oil bought by the United States from the Middle East
oil bought by the United States from the Middle East
oil bought by the United States from the Middle East
Which of these BEST represents a capital investment for a company?
-buying new equipment
A computer programmer, bank teller, and construction worker are all examples of
-human resources
Getting the goods and services that you want by offering a different good or service (not money) as payment is called _____________________________.
-Bartering
Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase?
-The magazines
According to the law of demand, what role do low prices serve for buyers?
-Reward
How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.
Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.
Which of the following is a characteristic of a Command Economy?
- Government control.
Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.
Which situation is more likely to occur in a Market Economy than a Command Economy?
-A citizen designs a new game and opens a store to sell it.
Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.
When are equilibrium prices achieved?
- When supply equals demand.
Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.
A surplus means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.
What does a relative price compare?
- The price of one good or service compared to another similar one.
A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
- $199.
A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.
The law of demand describes the relationship between prices and demand.
- Demand.
If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).
Correct, price competition in the market typically benefits the consumer (buyer).
The correct answer is: oil bought by the United States from the Middle East.
The import to the United States among the given options is "oil bought by the United States from the Middle East."
To determine which goods or services are imports to the United States, you need to understand the concept of imports. An import is a good or service brought into a country from another country for use or resale. It is important to note that imports can be physical goods, such as products manufactured in a foreign country, or intangible goods, such as services provided by a foreign company.
Looking at the options provided:
1. Software created in California and used in Chicago: This is not an import because the software is created within the United States and used within the country.
2. Apples grown on a farm in Vermont: This is not an import because the apples are grown within the United States.
3. An automobile that is manufactured in the USA: This is not an import because the automobile is manufactured within the United States.
4. Oil bought by the United States from the Middle East: This is an import because the oil is being purchased from a foreign country, specifically the Middle East, and brought into the United States for use or resale.
So, among the options, the only import is the "oil bought by the United States from the Middle East."