Suppose Protectionist Measures Are Passed in Attempts to Save Jobs

question 47

Multiple Choice

Suppose protectionist measures are passed in attempts to save jobs in the automobile industry. The most likely result of this action will be to:

• A) decrease the overall unemployment rate.
• B) increase household income in the economy because more people will now have jobs.
• C) increase employment in the automobile industry, but decrease employment in other industries.
• D) The overall effect cannot be determined as some individuals will benefit from the policy while others will be harmed by it.

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Definitions:

Foreign Exchange

The conversion of one currency into another for the purpose of trade, travel, or investment in the global market.

Safety Valve

A mechanism, either physical or metaphorical, designed to prevent system overload by releasing excess pressure or providing an alternative route in times of crisis.

Nurses

Medical professionals primarily responsible for patient care, including administering treatments and medications, and providing support and advice to patients.

Developing Countries

Nations with a lower living standard, underdeveloped industrial base, and a low Human Development Index (HDI) relative to other countries.