How does the United States attempt to compensate losers from lower trade restrictions?
What will be an ideal response?
The U.S. government attempts to compensate workers who lose from lowering U.S. trade restrictions. For instance, the U.S. government set up a fund to support and retrain workers who lost their jobs because of NAFTA. Job losers can also collect unemployment benefits.
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The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition
a. What quantity will be produced? b. What price will be charged? c. What is Tony's total cost? d. What is Tony's total revenue? e. What is Tony's economic profit or loss? f. Is this a long-run equilibrium? Why or why not?
A consumer has $100 to be spent on tables and chairs. If his income increases to $200, the prices of the goods remaining unchanged, his budget constraint:
A) pivots to the left along the vertical axis. B) pivots to the right along the horizontal axis. C) shifts to the left. D) shifts to the right.