Answered: Consider the arguments for restricting…

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 4PA

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Question

Consider the arguments for restricting trade.
a. Imagine that you are a lobbyist for timber, an
established industry suffering from low-priced
foreign competition, and you are trying to get
Congress to pass trade restrictions. Which two
or three of the five arguments discussed in the
chapter do you think would be most persuasive
to the average member of Congress? Explain your
reasoning.
b. Now assume you are an astute student of
economics (not a hard assumption, we hope).
Although all the arguments for restricting trade
have their shortcomings, name the two or three
arguments that seem to make the most economic
sense to you. For each, describe the economic
rationale for and against these arguments for trade
restrictions.

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