24. In 2012, Marco Rubio argued that he would only be in favor of getting rid of

Question

24. In 2012, Marco Rubio argued that he would only be in favor of getting rid of quotas on sugar imports (a trade barrier) if the U.S. got something in return from Brazil. Rubio's argument is not economically sound (consistent with economic theory) for which of the following reasons: a. Consumers in the U.S. would benefit from a lower price of sugar. b. U.S. producers that use sugar as an input (ex. Lifesavers) would benefit from a lower price of sugar. A proportion of the gains to trade received by Brazil would be used to import U.S. goods and services. c. d. All of the above are reasons Rubio's argument is not economically sound. 25. According to the US Bureau of Labor Statistics, the amount of time men devote to housework has been increasing, while the amount of time women devote to housework has been decreasing. Also from 1950-2000, female participation in the labor force steadily increased. Which of the following is consistent with these trends? a. The likelihood of a man having a comparative advantage in housework within a household has increased b. The likelihood of a man having an absolute advantage in housework within a c. The likelihood of a woman having a comparative advantage in housework d. The likelihood of a woman having an absolute advantage in housework within household has increased. within a household has increased. a household has increased.

Explanation / Answer

24. d. All of the above reasons

Rubio's argument is not economically sound. It is very usual and essential for nations to import to and export from each other Rubio's argument is in favour of laying a trade barrier. Importing sugar from Brazil is benefitting the consumers and producers in the US. It would be sound to get rid of quotas on sugar imports to keep the trade uninterrupted.

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