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Chapter 21: Q.25 (page 522)

How is international trade, taken as a whole, likely

to affect the average level of wages?

Short Answer

Expert verified

International trade, taken as a whole, likely

to increases the average level of wages.

Step by step solution

01

Step 1. Meaning

International trade- is the trade of goods & services globally.

02

Step 2. Explanation 

International trade gives competition to the domestic market that makes more products that generate more wealth and for international trade countries also uses their comparative advantage that makes to produce more, also for exports, firms produce more that increases the demand for labor & generates employment that leads to an increase in wages of labor.

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Most popular questions from this chapter

From the Work It Out "Effects of Trade Barriers," you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?

What might account for the dramatic increase in international trade over the past 50 years?

If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?

How do you think Americans would feel if other countries began to urge the United States to increase environmental standards?

Is international trade likely to have roughly the

same effect on the number of jobs in each individual

industry?
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