Expansions in Globalization and the Reduction of Trade Barriers World-Wide

question 21

Multiple Choice

Expansions in globalization and the reduction of trade barriers world-wide during the 1980s and 1990s most likely had what effect on the demand for U.S. labor?

• A)The demand for unskilled workers increased, while the demand for skilled workers decreased.
• B)The demand for unskilled workers decreased, while the demand for skilled workers increased.
• C)The demand for unskilled and skilled workers increased.
• D)The demand for unskilled and skilled workers decreased.
• E)The demand for unskilled workers increased, while the demand for skilled workers didn't change.

---

Definitions:

Past Consideration

A benefit already provided or an action already performed, which cannot legally constitute consideration for a current contract.

Consideration

A value that is exchanged between parties in a contract, making the agreement legally binding.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party, if the latter has reasonably relied on that promise to their detriment.

Hamer v. Sidway

A landmark case in contract law regarding forbearance as consideration, where a promise not to do something can be as legally binding as a promise to do something.