Discuss national defense, infant industry, and strategic trade as arguments for protection
National defense arguments can be made for certain products, such as oil, but the danger is that these arguments will be extended toward nondefense-related industries such as watches. The infant industry argument that young industries should be protected is rarely valid, since many industries must start in the red before being successful. The strategic planning argument asserts that we may need to protect our industries by retaliating for other countries' transgressions. But if retaliation escalates, all parties lose.
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Technological advances generally result in
A) increased average number of hours worked per day. B) increased infant mortality rates. C) decreased incomes. D) increased life expectancy.
One of the major political developments of the past several decades is the growing size and economic/monetary integration of the European Union. What effect do you think this will have on international trade between countries?
What will be an ideal response?