Greater emphasis on self-sufficiency and trading less with foreign countries would increase incomes and living standards in the United States.

Question

Quizplus · Accepted Answer

Trading and interconnected global markets have contributed significantly to the growth and prosperity of the US economy. The US has a comparative advantage in certain industries, and trading with other countries allows for greater efficiency and access to goods and services that may not be available domestically. A focus on self-sufficiency and reduced trade with foreign countries would likely result in higher prices for goods and services, lower competitiveness, and reduced access to global markets, which could lead to lower incomes and living standards for US citizens.

Greater Emphasis on Self-Sufficiency and Trading Less with Foreign Countries