ECON lesson 21 : globalization and protectionism

the United States national minimum wage is __________

$7.25/hour

it is sometimes argued that nation should not depend too heavily on other countries for supplies of certain key products. This argument is commonly known as the ___________

National Interest Argument

if the government legislates policies that block imports of solar panels and gives domestic manufacturers a $5 billion tax subsidy, the benefits to the U.S. solar panel manufacturing and distribution industry will be very visible. The bearers of the cost of the tax subsidy:

are more anonymous

The infant industry argument for protectionism suggests that an industry must be protected in the early stages of its development so that:

domestic producers can attain the economies of scale to allow them to compete in world markets.

Low-wage U.S. workers suffer from protectionism in all the industries that they don't work in, because:

protectionism forces them to pay higher prices for basic necessities like clothing and food.

The race to the bottom scenario of global environmental degradation is explained roughly like this:

Profit-seeking multinational companies shift their production from countries with strong environmental standards to countries with weak standards, thus reducing their costs and increasing their profits.

which of the following is the best example of a quota?

a limit imposed on the number of men's suits that can be imported from a foreign country

as international trade increases, it contributes to a shift in jobs away from industries where that economy does not have a(n) ___________ advantage and toward industries where it has a(n) _____________ advantage

comparative; comparative

in new American import quota on imported steel would be likely to:

increase American production of steel.

tariffs and other trade restrictions increase the domestic scarcity of products from abroad. Such policies benefit domestic producers of the restricted products at the expense of domestic consumers. This statement:

is essentially correct.