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Edriel Platino
on Dec 12, 2024

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Opening trade between a nation that has "cheap labor" and one that has "expensive labor" will

A) lower the standard of living in both countries.
B) raise the standard of living in both countries.
C) raise the standard of living in the "expensive labor" country and lower the standard of living in the "cheap labor" country.
D) raise the standard of living in the "cheap labor" country and lower the standard of living in the "expensive labor" country.

Cheap Labor

Workforce available for employment at low wage rates, often used by companies to reduce production costs.

Expensive Labor

refers to the high costs associated with hiring workers, often due to skilled labor demands, labor laws, or other factors increasing wages.

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

  • Scrutinize the consequences of worldwide trading activities on the labor market and industrial sectors in nations with differing wage levels.
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Parth PatelDec 18, 2024
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