Question

In: Economics

1. Which statement regarding workers is true? Cutting off trade with countries in which workers are...

1.

Which statement regarding workers is true?

Cutting off trade with countries in which workers are paid low wages improves the economic condition of these workers.

Competition from low-wage nations does not cost U.S. workers their jobs.

An important reason why workers in developing countries earn low wages is because of limited investment in human capital.

Living conditions in poor countries are unrelated to the degree of economic freedom and a strong and fair legal system.

2.

The solution to dumping is:

an embargo.

a retaliatory tariff.

quotas against the offending commodity.

a government subsidy to the injured industry.

. 3.

In general, the fewer the trade restrictions among nations, the:

	smaller is the environmental damage.
	greater is the environmental damage.
	worse off are consumers.
	worse off are workers in developing nations.

Expert Solution

Answer to the first question is option 3. Investment in human capital increases the marginal productivity of labour and this increases the wage rate. If investment in human capital is reduced the marginal productivity will be lower and so that the wage rate is also lowered.

Answer to the second question is option two. Anti-dumping duties are often used by Nations that suffer from dumping. This increases the price and there are no advantages of dumping

Answer to question number 3 is Third option. When trade restrictions are produced variety of cheaper commodities can be imported easily so that consumers are always better off

Rahul Sunny answered 2 years ago

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