Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States.Hansen
A) is incorrect.Free trade raises living standards by increasing economic efficiency.
B) is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living.
C) is correct in arguing that the high wages of U.S.workers make it impossible to compete with workers in low-wage countries.
D) is advancing the anti-dumping argument for protectionism.
Correct Answer:
Verified
Q167: Many economists _ protectionism because it _
Q168: One reason for the success that firms
Q169: Figure 7-4 Q170: In 1930,the U.S.government attempted to help domestic Q171: Eliminating trade barriers does all of the Q173: All but one of the following statements Q174: Domestic producers require time to gain experience Q175: In the United States during the Great Q176: In 1995,the General Agreement on Tariffs and Q177: The Smoot-Hawley Tariff
A)lowered U.S.tariffs by 50 percent
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