While high-paid American workers fear competition with low-paid foreign workers, low-paid foreign workers fear competition with high-paid American workers. Why?
A) Because high wages are the result of extensive tariff and other trade restrictions.
B) Because high wages reflect high worker productivity and the low-paid foreign workers are not as productive.
C) It is completely irrational and unfounded.
D) Because America has such a large market it can protect its workers.
E) Because high wages mean that U.S. workers can buy more goods and services.
B
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The following table contains the actual prices charged by four Web sites for a 3D Collector's Edition Blu-ray disc of the movie Marvel's Avengers: Age of Ultron in November 2015
Amazon $24.99 Walmart 25.48 Best Buy 29.99 Disney Store 29.99 Explain whether the information in this table contradicts the law of one price.
The American colonies have a rich and deep history in international trade and immigration
Indicate whether the statement is true or false
Which of the following is likely to have the most price elastic demand?
a. ice cream b. frozen yogurt c. vanilla ice cream d. Häagen-Dazs® vanilla bean ice cream
When the price of labor increases, the substitution effect will ________ the quantity of labor demanded and the output effect will ________ it
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease