Download the App!
Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.
Get the answer to your homework problem.
Try Numerade free for 7 days
Like
Report
Do the jobs for workers in low-income countries that involve making products for export to high-income countries typically pay these workers more or less than their next-best alternative?
Answer not available
No Related Courses
Chapter 20
Globalization and Protectionism
Introduction
How Markets Work
Markets and Welfare
The Economics of the Public Sector
Topics for Further Study
04:05
How does international tra…
03:54
Why do you think labor sta…
01:19
In principle, the benefits…
00:55
Why might a low-income cou…
03:15
More people in high-income…
01:36
(Related to Solved Problem…
01:28
Think about the backward-b…
00:34
How can high-income countr…
04:07
Explain the effects of the…
00:29
Why do low-income countrie…
04:23
Does international trade, …
01:23
If immigration is reduced,…
03:21
How is international trade…
05:54
How does a fair-trade prod…
02:19
Suppose you are explaining…
02:05
An article in the New York…
02:46
What factors can explain t…
01:11
If trade barriers hurt the…
02:02
If the United States allow…
Some advocates of the mini…
So whenever we're deciding anything, we can always apply this basic formula. Where are economic profit or profit in general is equal to total revenue minus total cost. And our total cost in talking about economic profit is equal to implicit cost plus explicit cost. Right. So what this means is that, um, we not only have to cover our So if we have, um so what? This means the implicit cost is basically the opportunity cost. The explicit cost is, um, just the accounting cost. Whatever we see on the charts or the spreadsheet, that isn't what we're giving up. So when we're thinking about what we want to do, we always want to do something which would self, which benefit ourselves if we're thinking rational beings. And what that would mean is that our economic profit, or EP would have to be greater than or equal to zero. And if that is the case, that means that total revenue would have to be greater than opportunity. Cost Plus are the implicit cost plus the explicit costs. So if the total revenue is greater than implicit cost plus explicit costs greater than or equal to, that means that, uh jobs for workers and low income countries that involve making products for export to high income countries typically play their workers the same or more than their best next alternate.
View More Answers From This Book
Find Another Textbook
How does international trade affect working conditions of low-income countri…
Why do you think labor standards and working conditions are lower in the low…
In principle, the benefits of international trade to a country exceed the co…
Why might a low-income country put up barriers to trade, such as tariffs on …
More people in high-income countries than in low-income countries tend to be…
(Related to Solved Problem 7.3 on page 222 ) A political commentator makes t…
Think about the backward-bending part of the labor supply curve. Why would s…
How can high-income countries benefit from covering much of the cost of redu…
Explain the effects of the minimum wage on the workers' surplus, the fi…
Why do low-income countries like Brazil, Egypt, or Vietnam have lower enviro…
Does international trade, taken as a whole, increase the total number of job…
If immigration is reduced, what is the impact on the wage for low-skilled la…
How is international trade, taken as a whole, likely to affect the average l…
How does a fair-trade product differ from an otherwise identical imported go…
Suppose you are explaining the benefits of free trade and someone states, &q…
An article in the New Yorker states, "the main burden of trade-related …
What factors can explain the relatively small effect of low-skilled immigrat…
If trade barriers hurt the average worker in an economy (due to lower wages)…
If the United States allows a greater quantity of highly skilled workers, wh…
Some advocates of the minimum wage argue that any decrease in the employment…
01:58
Special interests do not oppose regulations in all cases. The Marketplace Fa…
00:43
Recycling is a relatively inexpensive solution to much of the environmental …
00:35
What is the main factor preventing a large community from influencing policy…
02:53
Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. The…
05:38
Why is the national security argument not convincing?
02:03
What is dumping? Why does prohibiting it often work better in theory than in…
02:08
What are the conditions under which a country may use the unsafe products ar…
06:00
How can governments identify good candidates for infant industry protection?…
01:06
Identify some public policies that can reduce the level of economic inequali…
