Answer Bank The infant industry argument The ability of a nation to consume more than could be produced on their own Worries about domestic labor markets Changes in productivity related to comparative advantage The potential of other governments subsidizing their firms and allowing these firms the ability to charge lower prices than domestic firms The national defense argument

Answer Bank The infant industry argument The ability of a nation to consume more than could be produced on their own Worries about domestic labor markets Changes in productivity related to comparative advantage The potential of other governments subsidizing their firms and allowing these firms the ability to charge lower prices than domestic firms The national defense argument

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 54CTQ: Trade has income distribution effects. For example, suppose that because of a government-negotiated...

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Concept explainers

Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.

Question

help explain this pls.

International trade is the subject of much debate. Many economist favor encouraging international trade, citing the benefits gained by trade. However, there are economic arguments for limiting international trade with protectionism. Classify the given statements into the appropriate category.

Look at image for answer bank.

Arguments for promoting international trade	Arguments for limiting international trade with protectionism

Answer Bank
The infant industry argument
The ability of a nation to consume more than could be produced on their own
Worries about domestic labor markets
Changes in productivity related to comparative advantage
The potential of other governments subsidizing their firms and allowing these firms the ability to charge lower prices than domestic firms
The national defense argument

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