Asked by Brittney Britt on May 19, 2024
Verified
One main point of Frederic Bastiat's satire is that
A) employment, or jobs, is the single most important measure of the standard of living.
B) we should not try to produce what we can get from others at a lower cost.
C) some industries may reasonably require protection in order to grow.
D) exporting is always a worthwhile activity to be supported and enhanced.
Frederic Bastiat
Frederic Bastiat was a French economist and writer known for his advocacy of free markets and critique of protectionism, best remembered for his works such as "The Law" and "Economic Sophisms."
Standard of Living
The level of wealth, comfort, material goods, and necessities available to a person, group, or society.
Lower Cost
Refers to a reduction in the expenses incurred in the production of goods or services, improving profitability and competitive advantage.
- Comprehend the fundamentals of comparative and absolute advantage within the context of global commerce.
- Analyze the merits of open trade for the international economy and identify principal restrictions to trade.
Verified Answer
LB
Latisha BeatriceMay 20, 2024
Final Answer :
B
Explanation :
Frederic Bastiat's satire, particularly in works like "The Candlemaker's Petition," argues against protectionism and highlights the absurdity of protecting industries from competition. He suggests that it is not beneficial to produce something domestically at a higher cost when it can be obtained from others at a lower cost, emphasizing the importance of economic efficiency and the benefits of trade.
Learning Objectives
- Comprehend the fundamentals of comparative and absolute advantage within the context of global commerce.
- Analyze the merits of open trade for the international economy and identify principal restrictions to trade.