Asked by Miriam Chithra on May 01, 2024
Verified
Which of the following is a valid counterargument to the call for higher tariffs to save U.S. jobs?
A) U.S. firms and workers must be protected from the cheaper labor in nations where wages are low.
B) All nations cannot simultaneously succeed in restricting imports while maintaining exports.
C) Reducing tariffs will benefit all consumers and domestic producers.
D) The need to protect U.S. workers from unemployment is not a concern in international economics.
Higher Tariffs
Increased taxes imposed on imported goods with the aim of protecting domestic industries, reducing trade deficits, or retaliating against trading partner policies.
Import Restrictions
Government-imposed limitations on the quantity or type of goods that can be brought into a country.
U.S. Jobs
Employment positions located within the United States across various industries.
- Assess the historical and ongoing employment of tariffs, quotas, and other protectionist tactics, and their ramifications on international trade flows.
- Assess the economic premises for and against the adoption of protectionism, focusing on the defense of infant industries and the maintenance of domestic employment.
Verified Answer
Learning Objectives
- Assess the historical and ongoing employment of tariffs, quotas, and other protectionist tactics, and their ramifications on international trade flows.
- Assess the economic premises for and against the adoption of protectionism, focusing on the defense of infant industries and the maintenance of domestic employment.
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