Arguments in Support of Protectionist Measures Include Which of the Following

question 7

Multiple Choice

Arguments in support of protectionist measures include which of the following?

• A) decreasing cost argument.
• B) increased competitiveness argument.
• C) increased diversity argument.
• D) cheap foreign labor argument.

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Definitions:

Production Function

An economic model that describes the relationship between the inputs a firm uses and the output it creates.

Competitive

Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.

Labor Market

An economic marketplace that matches potential employers with employees based on their skills, job requirements, and wage expectations.

Wage

The amount of money that is paid to an employee by an employer, typically in exchange for the employee's labor, calculated on an hourly, daily, or piecework basis.