Using trade barriers to address labor standards does all of the following EXCEPT it
A) leads to deadweight losses.
B) redistributes income.
C) works more effectively for countries that are small relative to the total market.
D) potentially makes conditions worse as production moves to the informal sector.
C
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In the specificfactors model, suppose that a country has a comparative advantage in manufacturing output. Will workers be better or worse off following the opening of trade with other countries?
a. Workers will be better off because the nominal wage increases. b. Workers will be better off because both nominal and real wages increase. c. Workers may be better off or worse off because the real wage in terms of the agricultural good rises and the real wage in terms of the manufactured good falls. d. Workers may be better off or worse off because the real wage in terms of the agricultural good falls and the real wage in terms of the manufactured good rises.
Which are the main trading partners of the United States?
(A) Germany, Great Britain, China, and France. (B) Canada, Mexico, China, and Japan. (C) The Middle Eastern countries. (D) The Central American countries.