Chapter 21: Problem 21
Name and define three policy tools for enacting protectionism.
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.
Chapter 21: Problem 21
Name and define three policy tools for enacting protectionism.
These are the key concepts you need to understand to accurately answer the question.
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Get started for freeHow do trade barriers affect the average income level in an economy?
Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.
Why do you think that the GATT rounds and, more recently, WTO negotiations have become longer and more difficult to resolve?
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: a. helping workers as a group b. helping industries stay strong c. protecting the environment d. advancing national defense
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
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