An Essential Point, Among Many, in the Refutation of the "Cheap

question 181

Multiple Choice

An essential point, among many, in the refutation of the "cheap foreign labor" argument is that

• A)foreign workers have a lower standard of living.
• B)foreign workers are less productive.
• C)low foreign wages mean fewer exports for the United States.
• D)the United States does not benefit from cheap foreign labor so the goods should be kept out.

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Definitions:

Firms Operating

Businesses engaged in any activity that seeks profits by providing goods or services to customers.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good supplied by producers, under the assumption of ceteris paribus (all other factors being equal).

Output

The total amount of goods or services produced by a company, industry, or economy within a specified period.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity supplied for a given period.