The Following Are Commonly-Used Arguments for Protection Against Imports, Except

question 100

Multiple Choice

The following are commonly-used arguments for protection against imports, except:

• A) Self-sufficiency and diversification-for-stability
• B) Protection against dumping
• C) Infant industry protection
• D) Price- and profit-maintenance

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Definitions:

Opportunity Cost

Represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Tractor

A powerful vehicle designed primarily for agricultural use, to pull farm machinery and plough agricultural land.

Motorcycle

A two-wheeled motorized vehicle, widely used for both transportation and recreation.

Comparative Advantage

A principle that states a country should produce and export goods for which it has a lower opportunity cost compared to other countries.