EBK ECONOMICS FOR TODAY
9th Edition
ISBN: 8220101414250
Author: Tucker
Publisher: Cengage Learning US
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Question
Chapter 28, Problem 10SQ
To determine
Describe the infant industry argument for protection.
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Which of the following is not a valid economic argument for protectionism? A. infant industry argument B.exports are good comma imports are bad exports are good, imports are bad C.to improve terms of trade to improve terms of trade D. protection of specific groups E. promoting diversification
Which of the following is not an argument used in favor of protectionism?
a. to protect an "infant"industry
b.to protect domestic jobs
c. to preserve national security
d. to protect against "unfair" competition because of cheap foreign labor
e. to reduce prices paid by domestic consumers
What is Protectionism?
Group of answer choices
State policies imposing barriers to restrict imports for a variety of reasons.
Economic theory that international commerce should increase a state's wealth through favorable balance of trade.
Beliefs, drawn from Marxist and Neo-Marxist writing, that poor labor conditions, colonial expansion, and divisions between the rich and the poor can be blamed on international capitalism.
Chapter 28 Solutions
EBK ECONOMICS FOR TODAY
Ch. 28.4 - Prob. 1GECh. 28.6 - Prob. 1GECh. 28 - Prob. 1SQPCh. 28 - Prob. 2SQPCh. 28 - Prob. 3SQPCh. 28 - Prob. 4SQPCh. 28 - Prob. 5SQPCh. 28 - Prob. 6SQPCh. 28 - Prob. 7SQPCh. 28 - Prob. 8SQP
Ch. 28 - Prob. 9SQPCh. 28 - Prob. 10SQPCh. 28 - Prob. 11SQPCh. 28 - Prob. 1SQCh. 28 - Prob. 2SQCh. 28 - Prob. 3SQCh. 28 - Prob. 4SQCh. 28 - Prob. 5SQCh. 28 - Prob. 6SQCh. 28 - Prob. 7SQCh. 28 - Prob. 8SQCh. 28 - Prob. 9SQCh. 28 - Prob. 10SQCh. 28 - Prob. 11SQCh. 28 - Prob. 12SQCh. 28 - Prob. 13SQCh. 28 - Prob. 14SQCh. 28 - Prob. 15SQCh. 28 - Prob. 16SQCh. 28 - Prob. 17SQCh. 28 - Prob. 18SQCh. 28 - Prob. 19SQCh. 28 - Prob. 20SQ
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Similar questions
- Which of the following is an issue with "infant industry" tariffs? a. Mature industries often require tariff protection. b.Stock holders will capture the protective effect in lower profits. c.As the industry matures, special-interest groups may fight to keep the tariff. d.Foreign consumers will purchase the foreign good regardless of the size of the tariff.arrow_forwardHow does international trade affect the economic well-being of the Philippines? Explain who gains and who loses. Give specific examples.arrow_forwarda.Evaluate the reasons we see the prevalence of intra-industry trade between similar economies. b. Explain how tariffs can serve as a barrier to trade, and identify at least two benefits of reducing barriers to international trade. c. Define protectionism, and explain nontarriff barriers to trade. Who are the major beneficiaries and losers from protectionism in an economy engaging in protectionism.arrow_forward
- #7. In what product should Japan specialize? In what product should Malaysia specialize? #8: Name and define three policy tools for enacting protectionism. #9: Do the rules of international trade require that all nations impose the same consumer safety standards? #10: Who gains and who loses from trade?arrow_forwardDefine protectionism as a policy and describe what a country stands to lose when it enacts such a policy.arrow_forwardWhat is an argument expressed to counter infant industry rationale for protectionism? Group of answer choices The protectionism intended to be short-term often extends further than planned. Trying to create a comparative advantage is typically less successful than investing in industries that already have a comparative advantage. The industry typically fails to be worth investing in, and thousands of jobs are lost. Government intervention in international trade is rarely successful.arrow_forward
- Free trade always helps the exporting country at the expense of the importing country. True Falsearrow_forwardWhich of the following is not an advantage of trade liberalization? Select one: a. An access to a larger market b. Reduction in the cost of transportation c. Increased export credit facilities d. Improvements in communication systems e. An increase in competitionarrow_forwardWhat is the primary argument supporting protectionism? Group of answer choices Free trade can lead to job loss and lower wages. Protectionism drives innovation because nations need to develop or improve their comparative advantage for a good. Free trade enables political adversaries to benefit. Protectionism is a way to reduce inflation.arrow_forward
- Name and define three policy tools for enacting protectionism.arrow_forwardOne of the following is a manifestation of how membership to the WTO influences domestic institutions A.The prohibition of dumping practices. B.The requirement of objective investigation of dumping and its effects C.The requirement of ensuring that anti-dumping measures are taken in response to every dumping practice D.The requirement of standard review of anti-dumping measures by a WTO panelarrow_forwardTrade, tariffs, and protectionism. a) Explain, with aid of a diagram, the welfare effects of a tariff on the importing country.arrow_forward
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