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Chapter 8: Problem 23

Which was NOT an argument of the protesters against the IMF, WTO, and World Bank? (LO7) a) We are exploiting factory workers in poor countrics. b) Our subsidized grain exports are sold below cost in poor countries, driving local farmers out of business. c) Globalization is hurting the American standard of living. d) Glohalization is lowering American wages and cxporting high-paying jobs.

Short Answer

Expert verified
Option c: "Globalization is hurting the American standard of living."

Step by step solution

01

Analyze Option a

Option a states that the argument against the IMF, WTO, and World Bank is that "we are exploiting factory workers in poor countries." This is an argument that has been used by protesters to highlight the negative impact of the policies of these organizations on workers in developing countries. Therefore, this option is NOT the correct answer.
02

Analyze Option b

Option b argues that "our subsidized grain exports are sold below cost in poor countries, driving local farmers out of business." This is also an argument that has been used by the protesters, as they contend that these policies contribute to undermining local industries in developing countries. Hence, this option is also NOT the correct answer.
03

Analyze Option c

Option c claims that "globalization is hurting the American standard of living." This is an argument that some critics of globalization have made, as they believe that the process has resulted in a decline in the standard of living for some American citizens. However, it is important to note that this argument is more focused on the broader implications of globalization rather than specifically targeting the IMF, WTO, and World Bank. Thus, this option can be considered as the correct answer.
04

Analyze Option d

Option d states that "globalization is lowering American wages and exporting high-paying jobs." This argument is similar to option c, as it highlights the negative effects of globalization on American workers. Again, while this argument can be used to criticize globalization in general, it is not necessarily specific to the IMF, WTO, and World Bank. However, since option c is more general and less targeted towards the organizations mentioned, we can conclude:
05

Answer

The statement that is NOT an argument of the protesters against the IMF, WTO, and World Bank is option c: "Globalization is hurting the American standard of living."

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Most popular questions from this chapter

The basis for international trade is that (L.O1) a) a nation can import a particular good or service at a lower cost than if it were produced domestically b) we stand to gain if we can sell more to other nations than they buy from us c) there are winners and losers d) it pays to trade, provided we remain independent by producing all our necessities

Which statement would you agree with? (LO2) a) The exchange rate between the dollar and forcign currencies has no effect on our standard of living. b) The exchange rate between the dollar and forcign currencies affects our standard of living only when we travel abroad. c) Our standard of living is raised when we can get more yen, yuan, pounds, and euros for our dollars. d) Most Americans closely follow changes in the exchange rate between the dollar and foreign currencies.

Statement I: The United States has a much larger population and GDP than the European Union. Statement II: The European Union has attained a higher degree of economic integration than NAFTA. (LO7) a) Statement I is true, and statement II is false. b) Statement II is true, and statement I is false. c) Both statements are true. d) Both statements are false.

Which statement would best describe the situation of the American economy? (I.O3) a) We are more dependent on foreign trade than most other nations. b) We are much more dependent on foreign trade than we were 30 years ago. c) We are much less dependent on forcign trade than we were 30 years ago. d) We are virtually self-sufficient.

Which is the most accurate statement? (LO4) a) The agricultural subsidies paid to American and European farmers have benefited farmers in poorer countries as well. b) Agricultural subsidies have been largely phased out since the turn of the century. c) Agricultural subsidies are a matter of great contention between rich and poor nations. d) Agricultural subsidies are paid by rich nations to poor nations.
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