Eh of the following justifications is the congresswoman using to argue for the trade restriction on steel rods? O Unfair-competition argument Jobs argument O Infant-industry argument National-security argument
Eh of the following justifications is the congresswoman using to argue for the trade restriction on steel rods? O Unfair-competition argument Jobs argument O Infant-industry argument National-security argument
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose there is a policy debate regarding the United States imposing trade restrictions on imported steel rods.
Read the following scenario and answer the question that follows.
A congresswoman from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such
on the steel-rod industry to protect workers in the domestic steel-rod industry. The congresswoman claims that without trade
there will be layoffs, causing many U.S. workers in the steel-rod industry to become unemployed.
hich of the following justifications is the congresswoman using to argue for the trade restriction on steel rods?
O Unfair-competition argument
OJobs argument
Infant-industry argument
National-security argument
W
Imm](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ade0bcf-978f-472d-9865-a499a130131f%2F768adf9a-54c2-4110-a81a-9fd964e31ec6%2Fmqujw633_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose there is a policy debate regarding the United States imposing trade restrictions on imported steel rods.
Read the following scenario and answer the question that follows.
A congresswoman from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such
on the steel-rod industry to protect workers in the domestic steel-rod industry. The congresswoman claims that without trade
there will be layoffs, causing many U.S. workers in the steel-rod industry to become unemployed.
hich of the following justifications is the congresswoman using to argue for the trade restriction on steel rods?
O Unfair-competition argument
OJobs argument
Infant-industry argument
National-security argument
W
Imm
Expert Solution
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Step 1.
The unfair competition argument states that if imported goods are sold at a lower price than domestically made goods, it is unfair competition, so domestic import-competing industry should be protected by restricting trade.
The job argument says that lower-priced imported goods causes job loss in domestic import-competing industry, so trade should be restricted.
Infant industry argument says that if domestic import-competing industry is in a nascent stage, imports will burden them so they should be protected by restricting trade.
National security argument says that import of certain goods will be a threat to national security, so trade should be restricted.
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