Asked by
Jason Mclaurin
on Nov 26, 2024
Verified
Which of the following is a valid counterargument against using tariffs to protect high wages from cheap foreign labor?
A) The benefits of such a tariff policy will go to consumers, not workers.
B) The benefits of such a tariff policy will go to businesses, not workers.
C) Wage rates in a nation are largely determined by productivity, not trade tariffs.
D) The economy may become overheated, thus increasing inflation.
Trade Tariffs
Taxes imposed by a government on imported goods to protect domestic industries and generate revenue.
Wage Rates
The standardized amount of compensation received by a worker per unit of time or per task performed.
High Wages
A level of income that is significantly above the average or minimum wage.
- Dissect the historical context and ongoing application of tariffs, quotas, and various forms of protectionism, evaluating their effects on international commerce.
- Critique the economic viewpoints supporting and challenging protectionism, encompassing the protection of infant industries and the sustenance of jobs domestically.
Verified Answer
SF
Learning Objectives
- Dissect the historical context and ongoing application of tariffs, quotas, and various forms of protectionism, evaluating their effects on international commerce.
- Critique the economic viewpoints supporting and challenging protectionism, encompassing the protection of infant industries and the sustenance of jobs domestically.