14. Which statement is the most accurate? (LO8) a) Globalization, on balance, has been very bad for the U.S. economy. b) All the effects of globalization have been very good for the U.S. economy. c) The best way to reduce our trade deficit is for Congress to pass a law requiring that we buy only American products. d) Each of our recent presidents has basically supported the concept of free trade. 15. Our trade deficit with China in 2012 was (LO7) a) under $100 billion b) between $100 billion and $200 billion c) between $200 billion and $300 billion d) over $300 billion 16. Statement 1: Our trade deficit with China is larger than our trade deficit with Japan. Statement 2: Americans pay lower taxes on gasoline than do the citizens of most of the nations in Western Europe. (LO7) a) Statement 1 is true, and statement 2 is false. b) Statement 2 is true, and statement 1 is false. c) Both statements are true. d) Both statements are false