-Refer to Above Figure

question 12

Essay

-Refer to above figure. If the economy were in the initial position (where OmL1 workers were in manufacturing), what trade policy might gain ABC of economic welfare?

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Definitions:

Wage Gap

The difference in average earnings or wages between different groups of workers, such as between genders or races.

Unskilled Occupations

Jobs that require minimal technical training and education, often involving manual labor or routine tasks.

Skilled Occupations

Jobs that require specialized knowledge or abilities, often acquired through education, training, or experience.

Skilled Labor

Skilled labor refers to workers who have specialized training, experience, or education that enables them to perform specific tasks.