Economists Might Agree with Which Argument(s) for Protectionism

question 11

Multiple Choice

Economists might agree with which argument(s) for protectionism?

• A) necessary to compete with cheap foreign labour
• B) saving Canadian jobs
• C) protecting national security
• D) reducing the risk of trade retaliation
• E) all of the above

Identify and explain the economic thoughts of historical and influential economists.

Explain the effects of interest rates on the economy, including the role of usury laws.

Understand the relationship between supply, demand, and pricing in various markets, including real estate and loanable funds.

Familiarize with the concept of economic profits versus accounting profits.

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Definitions:

William Penn

An English nobleman, writer, and early Quaker who founded the Province of Pennsylvania, a North American colony of England, as a place of religious freedom.

European Conquest

Refers to the period when European countries explored, colonized, and annexed territories around the world, significantly affecting indigenous populations and altering global demographics.

African Slaves

People from Africa who were forcibly transported to the New World and sold into slavery, primarily to work on plantations.

Bacon's Rebellion

A 1676 uprising in colonial Virginia, led by Nathaniel Bacon, against the colony's government for its failure to protect settlers from Native American raids.