In the 1980s, the U.S. government forced Japanese automakers to limit their exports to the United States. The union representing the autoworkers (UAW), argued that otherwise the U.S. auto industry would have contracted
The UAW's argument is the ________ argument for protection. A) save domestic jobs
B) national security
C) anti-dumping
D) infant-industry
E) bringing diversity and stability
A
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Trade diversion may be such that the combined welfare of two nations in the agreement actually ____ because of ____, not completely offset by the _____.
a. falls; loss of tariff revenue for the importing nation; gain in the exporting nation's producer surplus b. rises; gains from trade; loss of jobs in the importing industry c. rises; gain in tariff revenue; gain in jobs d. remains the same; loss of tariff revenue; gains from product variety
If for a given year nominal GDP is $2000 billion and real GDP is $1500 billion, then the GDP price index is
A) 100. B) 1.33. C) 750. D) 0.75. E) 133.