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Which of the Following Are TRUE Regarding the Argument That

question 136

Multiple Choice

Which of the following are TRUE regarding the argument that trade barriers protect U.S. workers from cheap foreign labor?
I. Low-wage foreigners are just as productive as U.S. workers.
II. U.S. workers have a comparative advantage in low-wage jobs.

Explain the effects of quotas on market inefficiencies and missed opportunities for consumers and producers.
Recognize different forms of quantity controls and their purposes in various markets.
Understand the concept of demand price and supply price in the context of quota limits.
Analyze the impact of quotas on substitute goods and their market prices.

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