"Trade Restrictions Will Stop Foreign Imports, Which Will Increase American

question 100

Essay

"Trade restrictions will stop foreign imports, which will increase American employment and protect American jobs." Most economists realize this argument is wrong. Can you explain why?

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Definitions:

Magnuson-Moss Act

A federal law enacted in 1975 designed to protect consumers from deceptive warranty practices, applying primarily to consumer products.

Written Warranty

A formal, written promise offered by a manufacturer or seller to the purchaser of goods, guaranteeing the quality or performance of a product over a specified period.

Limited Warranty

A warranty that covers only specific parts of a product or specific types of defects for a set period of time.

Full Warranty

A comprehensive guarantee that covers the repair or replacement of a product if it fails to meet specified criteria, often without extra costs to the consumer.