O I, II, and III 19. Technology and trade: O both destroy jobs inthe short run b
ID: 2439003 • Letter: O
Question
O I, II, and III 19. Technology and trade: O both destroy jobs inthe short run but increase the standard of living in the long run. both create jobs in the short run but decrease the standard of living in the long run. O cannot continue to increase forever. O are not very similar to each other 20. Consider the following two statements and select the best answer. I. The national security argument might be a valid argument for trade protection. II. Industries with spillover effects should be protected from foreign competition. ® I and II are both true. O I and II are both false. O I is likely to be true, and II is likely to be false. O I is likely to be false, and II is ikely to be true. 21. The real cost of producing a good is: the dollar cost of inputs used to make the item. o the opportunity cost of producing the good. the resources that were used to make the good. O the dollar amount it costs to sell the good 22. Table: Production Possibilities for the United States and Mexico Corn (millions of tons)Potatoes (millions of tons)Explanation / Answer
19. Technology and trade: both destroy jobs in the short run but increases the standard of living in the long run.
With upgradation in technology that is automation the number of jobs get reduced but the efficiency improves. Through trade the aggregate demand increases due to larger market outreach accordingly the companies are required to enhance their production. Due to trade the competition is high hence the firms attempt to enhance their production and keeping low margin thus the prices tends to be los in future.
20. Option D: I is likely to be false, II is likely to be true.
21. The real cost of producing a good is
The dollar cost of inputs used to make the item.
It includes all the cost that incurred such as labor charges, cost of input.
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