Which of the following statements correctly summarizes a difference between the layperson's and the economist's views of the net benefits of trade?
A) Economists often argue that the gains from trade in the form of low consumer prices tend to be widespread and not easily recognizable while the costs in jobs lost tend to be concentrated and readily identifiable.
B) Economists often argue that most U.S. jobs are at risk of outsourcing while laypeople intuitively recognize that inherent in comparative advantage is that each country has a comparative advantage in the production of some good.
C) Economists focus on trade in manufactured goods while laypeople also focus on trade involving the services of people who manage the trade.
D) Economists most often argue that the costs of trade outweigh the benefits while laypeople often argue that the benefits of trade outweigh the costs.
Correct Answer:
Verified
Q54: If countries decide they will no longer
Q55: In the United States, globalization has caused
Q56: In the United States globalization has played:
A)
Q57: Economists and laypeople see the pros and
Q58: The loss of jobs due to international
Q60: Country A's cost of widgets is $4.00
Q61: What economists call the law of one
Q62: When comparative advantage is based on transferable
Q63: The decline in the price of American
Q64: The foreign exchange rate is the rate
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents