If Unskilled Labor Is Relatively Plentiful and Cheap in Many

question 419

Multiple Choice

If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for

• A)both skilled and unskilled labor will rise proportionately.
• B)skilled labor will fall and the demand for unskilled labor will rise.
• C)skilled labor will rise and the demand for unskilled labor will fall.
• D)both skilled and unskilled labor will be unaffected, assuming no barriers to free trade.

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Definitions:

Product Liability

The legal obligation of manufacturers and sellers to compensate for injuries or losses caused by defective or unsafe products.

Assumption Of Risk

This is a legal doctrine where an individual knowingly exposes themselves to danger and is thus responsible for any resulting injuries.

Strict Product Liability

A legal doctrine holding manufacturers and sellers accountable for distributing defective goods, regardless of fault.

Product Liability

Product liability refers to the legal responsibility of a manufacturer or vendor for selling a faulty product that causes injury or harm to a consumer.