Major Field Test Business nmarked Scheme steel for $500 a ton Assume that there

Question

Major Field Test Business nmarked Scheme steel for $500 a ton Assume that there are no tarifis on A South Korean company cán produce steel for $400 a ton, and a United States company can producea smilar quality steel. Which of the following statements best describes the efficiency of the trade relationship between the O A) All people iving in the United States will be better off by having access to South Korean steedl O B) All people living in the United States will be worse offby having access to South Korean steel O C) Most people Iiving in the United States will be better off by having access to South Korean steel 0 D) Most people living in South Korea wil be worse off by seing to the United States.

Explanation / Answer

The correct option would be option C. Most of the people in the United States will be better off by having access to the South Korean steel.

There is no tariff but still people will have to pay for importing the steel from South Korea so it might not work out great for every person in the United States.

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