Eliminating trade barriers does all of the following except
A) increases economic efficiency.
B) lowers the average standard of living in a country.
C) lowers domestic prices.
D) All of the above occur when trade barriers are eliminated.
Answer: B
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Fact: The lowest 20% of U.S. family incomes in the U.S. has fallen from 4.8% to 3.8% between 1960 and 2010. Your authors argue that
A) this is clear evidence that the poor have gotten poorer. B) this is primarily the result of a general decline of the power of labor unions in America. C) while their percentage of national income has fallen, real GDP has increased over 4 times during the past 50 years, and so those persons actually earned much more income than before. D) none of the above are true.
Suppose there is a new technological invention that will allow you to put any resource into a special black box and in an instant anything that you program it to produce will be produced? Does this invention end scarcity? Why or why not?
What will be an ideal response?