What is the Trade Adjustment Assistance Act? What do critics say about it?
What will be an ideal response?
The Trade Adjustment Assistance Act of 2002 provides support to qualified workers displaced by imports or plant relocation. It gives cash assistance, education and training benefits, subsides for health care, and wage subsidies (for those age 50 or older). Critics contend that such dislocations are part of a market economy and workers in the international sector should not get special subsidies for their job losses.
You might also like to view...
In 2002 - 2003, some McDonalds' franchise owners reported that profits were declining from selling the discounted items from the Dollar Menu. This suggests that:
A) those items are price elastic. B) those items are price inelastic. C) those items are price unitary elastic. D) none of the above.
Which of the following statements is correct?
A. The price support program hastened the exodus of resources from agriculture. B. The main beneficiaries of government price support assistance were the very low-income farmers. C. If the demand for agricultural products is inelastic, a relatively small decrease in supply will increase gross farm incomes. D. There is a misallocation of resources in rural America because of absolute and relative increases in the size of the farm population.
One advantage of the specialization that results from international trade is that countries can take advantage of
A) scale economies. B) production diversification C) smaller countries. D) taste reversals. E) lower transport costs.
What is one implication of the real-balance effect?
A) The part of your wealth that you hold in the form of cash loses some of its value as the price level rises. B) When the price level rises, people have an incentive to work harder in order to earn a higher income. C) When the price level falls, most consumers reallocate their spending so as to have an equal balance between necessities and luxuries. D) Aggregate demand and aggregate supply can never reach long-run equilibrium.