Mini-Mills Are Found in the Manufacture of

question 43

Multiple Choice

Mini-mills are found in the manufacture of

• A)textiles.
• B)chemicals.
• C)autos.
• D)baking products.
• E)steel.

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Definitions:

Infant Industry

An industry in its early stages of development, which may be protected by the government from international competition temporarily until it becomes competitive.

Protective Tariffs

Import taxes imposed by a country on foreign goods to protect domestic industries from competition by making imported goods more expensive.

Comparative Advantage

The capacity of an entity to generate a product or service with a lesser opportunity cost compared to others.

Protectionist Argument

The rationale for implementing trade barriers, such as tariffs and quotas, to protect domestic industries from foreign competition.