1. Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. a) How does outsourcing affect the bargaining power of U.S. workers and the bargaining power of U.S. employers? b) What will it likely do to the overall level of U.S. employers? c) What will it likely do to lawyers' wages? d) If you stated that it affected lawyers' wages differently, do you believe that the U.S. policy response to outsourcing would be different? 2. How is outsourcing to China and India today different from U.S. outsourcing in the past? 3. In the 1930s Claire Wilcox of Swarthmore College organized a petition by economists "that any measure which provided for a general upward revision of tariff rates be denied passage by Congress, or if passed, be vetoed." It was signed by one-third of all economists in the United States at the time, of all political persuasions. A month later, the Smoot-Hawley Tariff was passed. a) Why did economists oppose the tariff? b) Demonstrate the effect of the tariff on the price of goods. c) How would the tariff help the economy if other countries did not institute a retaliatory tariff? d) What would be the effect on the macroeconomy if other countries did institute a retaliatory tariff