A Possible Drawback to the Essential Industry Argument for Import

question 70

Multiple Choice

A possible drawback to the essential industry argument for import protectionism is ________.

• A)that such protection hurts the protecting country's balance of payments
• B)in times of military emergency, almost any product could be considered essential
• C)other countries find supplies elsewhere
• D)unemployment increases in the protecting country

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Definitions:

Elective Office

A public office filled through elections, wherein candidates are chosen by voters to occupy a governmental position.

Seventeenth-Century Chesapeake

Relates to the region around the Chesapeake Bay in the 1600s, significant for its early English settlements and tobacco cultivation.

Substantial Property

Significant assets or real estate owned by an individual or entity.

Colonizing Mission

Efforts or expeditions undertaken by a country to establish control over new territories, often involving settlement and economic exploitation.