One popular case for protectionism is the "Protection Saves Jobs" argument. What is the nature of this argument? What is its weakness?

What will be an ideal response?

The main argument is that foreign competition costs domestic jobs. If Americans purchase foreign-made goods then domestic-made goods go unsold. This costs American workers their jobs. The weakness of this argument is that it fails to recognize or admit that workers from displaced sectors may be absorbed in other expanding sectors of the economy.

Economics

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The long-run supply curve in a competitive market is upward sloping

Indicate whether the statement is true or false

Economics

Macroeconomic statistics tell us about a particular household, firm, or market

a. True b. False Indicate whether the statement is true or false

Economics