QUESTION: Pulley systems

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Now, I am sure this has to do with torque or some such, but.....Why is the actual weight that you lift so different than the actual weight of the stacks. For instance, I do pull down floor bench, 200 pounds on both sides, for a total of 400 pounds. It feels like a total of 160, which is about right for me. Why the difference, and would it not be more practical to label the weights at what they are practically(the weight you actually lift) rather than literally?

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