What are the two approaches followed by the U.S. government to ease the burden on the victims of free trade?
The U.S. government follows two basic approaches.
U.S. trade laws offer temporary protection from sudden surges of imports, on the grounds that unexpected changes in trade patterns do not give businesses and workers enough time to adjust.
The government has set up trade adjustment assistance programs to help workers and businesses that lose their jobs or their markets to imports. Firms may be eligible for technical assistance, government loans or loan guarantees, and permission to delay tax payments. Workers may qualify for retraining programs, longer periods of unemployment compensation, and funds to defray moving costs.
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How is total revenue calculated? If a firm sells 350 units of a product at a price of $8 each, what is the firm's total revenue?
What will be an ideal response?
Figure 3-3
In , if the initial demand for margarine were D1, the impact of a decrease in the price of butter, a substitute good for margarine, would be illustrated as
a.
a shift in the demand curve to D2.
b.
a shift in the demand curve to D3.
c.
a movement downward to the right along the original demand curve D1.
d.
none of the above.