What evidence is there as to job gains and losses in the U.S. due to free trade agreements?
What will be an ideal response?
Estimates of job gains or losses are mixed and not definitive. Within five years of NAFTA's implementation, the estimates ranged from a net loss of 98,000 a year to a net gain of 42,000 a year. Actual estimates of the number of jobs gained or lost are closer to guesses due to the difficulties in estimation. Pro-trade think tanks and scholars usually show job gains, while anti-trade think tanks show job losses. Neither side of the debate can show large job gains or losses in the United States due to trade agreements.
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Sellers in competitive price-searcher markets
a. face competition both from existing firms and potential new entrants. b. face competition from existing firms but not from potential new entrants. c. face competition only from potential new entrants and only in the long run. d. can compete only by product quality since product prices are set by market forces.
Which of the following will enable a nation to obtain a combination of consumer goods and capital goods outside its production possibilities curve?
A. Full employment. B. International specialization and trade. C. Full production. D. Productive efficiency.