The two main reasons why international trade is restricted are that tariffs A. save jobs and allow domestic producers to compete with foreign firms that use cheap labor B. penalize lax environmental standards and protect defense industries C. create tariff revenue and rent seeking is popular O D. protect infant industries from competition and protect national security The countries that benefit most from tariff revenue are O A. countries involved in trade organizations but are separated by large distances B. developed countries C. developing countries O D. countries involved in trade agreements such as NAFTA and the European Union The United States still implements some trade restrictions because the people who would lose from free trade would lose big and the people who gain, would gain a small amount. ⒸA. True B. False

The two main reasons why international trade is restricted are that tariffs A. save jobs and allow domestic producers to compete with foreign firms that use cheap labor B. penalize lax environmental standards and protect defense industries C. create tariff revenue and rent seeking is popular O D. protect infant industries from competition and protect national security The countries that benefit most from tariff revenue are O A. countries involved in trade organizations but are separated by large distances B. developed countries C. developing countries O D. countries involved in trade agreements such as NAFTA and the European Union The United States still implements some trade restrictions because the people who would lose from free trade would lose big and the people who gain, would gain a small amount. ⒸA. True B. False

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 2CQQ

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