4. (8) Why is it necessary to use a market failure to justify the use of infant industryprotection?25. (8) What is a positive externality? Explain the argument of knowledge spilloversas a potential reason for infant industry protection.6. (6) If infant industry protection is justified, is it better for the Home country to usea tariff or a quota, and why?

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4. (8) Why is it necessary to use a market failure to justify the use of infant industry protection?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

4. (8) Why is it necessary to use a market failure to justify the use of infant industry
protection?
2
5. (8) What is a positive externality? Explain the argument of knowledge spillovers
as a potential reason for infant industry protection.
6. (6) If infant industry protection is justified, is it better for the Home country to use
a tariff or a quota, and why?

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