Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 34, Problem 53CTQ
Economists sometimes say that protectionism is the “second-best” choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problem—a choice that would still allow the benefits of trade to occur. Explain why protectionism is a “second-best” choice for
- helping workers as a group
- helping industries stay strong
- protecting the environment
- advancing national defense
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Many U.S. firms import products or parts from other countries indstead of producing them domestically. In fact, most iPhones are other smartphones are made not in the U.S. but in China. Many politicians, notably Presidents Trump and Biden, and commentators argue that the government should protect domestic jobs in this country by penalizing the practice of importing from other countries. How are Americans affected by this practice? Does this hurt Americans by international trade as they are consumers and ordinary resident in the U.S.?
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Use the chart to answer the following question.
Reduce the number of quotas
Growth of trade
Reduce protective tariffs
Increased number of exports
Variety of goods and services
What is the BEST title for the chart?
O A. Arguments for Protectionism
B. Benefits of Free Trade
O C. Disadvantages of Free Trade
O D. Advantages to Trade Barriers
Chapter 34 Solutions
Principles of Economics 2e
Ch. 34 - Explain how a tariff reduction causes an Increase...Ch. 34 - Explain how a subsidy on agricultural goods like...Ch. 34 - Explain how trade barriers save jobs in protected...Ch. 34 - Explain how trade barriers raise wages in...Ch. 34 - How does international trade affect working...Ch. 34 - Do the jobs for workers in low-income countries...Ch. 34 - How do trade barriers affect the average Income...Ch. 34 - How does the cost of saving jobs in protected...Ch. 34 - Explain how predatory pricing could be a...Ch. 34 - Why do low-income countries like Brazil, Egypt, or...
Ch. 34 - Explain the logic behind the race to the bottom...Ch. 34 - What are the conditions under which a country may...Ch. 34 - Why is the national security argument not...Ch. 34 - Assume a perfectly competitive market and the...Ch. 34 - What is the difference between a free trade...Ch. 34 - Why would countries promote protectionist laws,...Ch. 34 - What might account for the dramatic increase in...Ch. 34 - How does competition, whether domestic or foreign,...Ch. 34 - What are the gains from competition?Ch. 34 - Who does protectionism protect? From what does it...Ch. 34 - Name and define three policy tools for enacting...Ch. 34 - How does protectionism affect the price of the...Ch. 34 - Does international trade, taken as a whole,...Ch. 34 - Is international trade likely to have roughly the...Ch. 34 - How is international trade, taken as a whole,...Ch. 34 - Is international trade likely to have about the...Ch. 34 - What are main reasons for protecting infant...Ch. 34 - What is dumping? Why does prohibiting it often...Ch. 34 - What is the race to the bottom scenario?Ch. 34 - Do the rules of international trade require that...Ch. 34 - What is the national interest argument for...Ch. 34 - Name several of the international treaties where...Ch. 34 - What is the general trend of trade barriers over...Ch. 34 - If opening up to free trade would benefit a...Ch. 34 - Who gains and who loses from trade?Ch. 34 - Why is trade a good thing if some people lose?Ch. 34 - What are some ways that governments can help...Ch. 34 - Show graphically that for any tariff, there is an...Ch. 34 - From the Work It Out Effects of Trade Barriers,...Ch. 34 - If trade barriers hurt the average worker in an...Ch. 34 - Why do you think labor standards and working...Ch. 34 - How would direct subsidies to key industries be...Ch. 34 - How can governments identify good candidates for...Ch. 34 - Microeconomic theory argues that it is...Ch. 34 - How do you think Americans would feel if other...Ch. 34 - Is it legitimate to impose higher safety standards...Ch. 34 - Why might the unsafe consumer products argument be...Ch. 34 - Why might a tax on domestic consumption of...Ch. 34 - Why do you think that the GAIT rounds and, more...Ch. 34 - An economic union requires giving up some...Ch. 34 - What are some examples of innovative products that...Ch. 34 - In principle, the benefits of international trade...Ch. 34 - Economists sometimes say that protectionism is the...Ch. 34 - Trade has income distribution effects. For...Ch. 34 - Assume two countries, Thailand (T) and Japan (J),...Ch. 34 - You have just been put in charge of trade policy...Ch. 34 - The country of Pepperland exports steel to the...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- How does protectionism affect the price of the protected good in the domestic market?arrow_forwardYou just overheard your friend say the following: Poor countries like Malawi have no absolute advantages. They have poor soil, low investments in formal education and hence low-skill workers, no capital, and no natural resources to speak of. Because they have no advantage, they cannot benefit from trade. How would you respond?arrow_forwardAre the gains from international trade more likely to be relatively more important to large or small countries?arrow_forward
- Why might a low-income country put up barriers to trade, such as tariffs on imports?arrow_forwardWhat factors does Paul Krugman identity that supported expanding international trade in the 1800s?arrow_forwardIf opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?arrow_forward
- How do trade barriers affect the average Income level in an economy?arrow_forwardWhat are some ways that governments can help people who lose from trade?arrow_forwardTrade has income distribution effects. For example, suppose that because of a government-negotiated reduction in trade barriers, trade between Germany and the Czech Republic increases. Germany sells house paint to the Czech Republic. The Czech Republic sells alarm clocks to Germany. Would you expect this pattern of trade to increase or decrease jobs and wages in the paint industry in Germany? The alarm clock industry in Germany? The paint industry in Czech Republic? The alarm clock industry in Czech Republic? What has to happen for there to be no increase in total unemployment in both countries?arrow_forward
- Who does protectionism protect? From what does it protect them?arrow_forward5. Protectionisma. is the use of cheap labor to protect firms from paying high wages.b. is the use of trade barriers to protect domestic firms from foreign competition.c. refers to reductions in tariffs and other barriers that protect consumers frompaying high prices.d. refers to the use of copyright and trademark laws to protect inventors and artistsfrom losing the rights to their creative efforts.e. refers to the use of non-tariff barriers to protect the environment in the home country.6. Match each concept to its definition.a. World Trade Organization (WTO) (1). Taxes imposed by a government ongoods imported into a country.b. Quotas (2) Argument against globalization claimingthat the WTO tends to favor high-incomecountries.c. USMCA agreement (3) An international organization that overseesinternational trade agreements.d. Tariffs (4) A numerical limit a government imposes onthe quantity of goods that can be importedinto a country.e. WTO bias (5) A free trade agreement signed by the…arrow_forward23. When one country joins a free trade area with a common external tariff, it causes: O a. Trade agreement Ob. Trade creation Oc Trade diversion O d. Trade unionarrow_forward
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