If Trade Causes Some Workers to Be Laid Off, Most

question 67

Multiple Choice

If trade causes some workers to be laid off, most
Economists conclude:

• A)that all other workers will be better off because their wages will rise.
• B)that we should not allow imports to take U.S.jobs.
• C)that we should expect wages to fall.
• D)that none of these answers is true.

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Definitions:

Insurance Policy

A legal contract between an insurer and the insured, where the insurer agrees to compensate the insured for specific losses in exchange for a premium.

Adjusting Entry

An accounting record entry made at the close of an accounting period for the purpose of attributing costs and revenues to their appropriate periods.

Income Statement

A financial statement that displays a company's financial performance by detailing revenues, expenses, and net income over a certain period.

Balance Sheet

A Balance Sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, offering a snapshot of its financial condition.