08 Jun uestion Evaluate the following statements: a. Protective tariffs reduce bot
uestion
Evaluate the following statements:
a. Protective tariffs reduce both the imports and the exports
of the nation that levies tariffs.
b. The extensive application of protective tariffs destroys
the ability of the international market system to allocate
resources efficiently.
c. Unemployment in some industries can often be reduced
through tariff protection, but by the same token inefficiency
typically increases.
d. Foreign firms that “dump” their products onto the U.S.
market are in effect providing bargains to the country’s
citizens.
e. In view of the rapidity with which technological advance
is dispersed around the world, free trade will
inevitably yield structural maladjustments, unemployment,
and balance-of-payments problems for industrially
advanced nations.
f. Free trade can improve the composition and efficiency
of domestic output. Competition from Volkswagen,
Toyota, and Honda forced Detroit to make a compact
car, and foreign imports of bottled water forced
American firms to offer that product.
g. In the long run, foreign trade is neutral with respect to
total employment.
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