Arguments in support of protectionism (and against free trade) include all of the following EXCEPT
A) new and troubled industries need to be protected until they acquire sufficient strength to compete equally against their foreign counterparts.
B) jobs at home should be protected from cheap foreign labor.
C) protectionism increase total domestic consumption possibilities.
D) national security interests require that nations retain the ability to produce vital materials at home and avoid dependence upon potential enemies.
Ans: C) protectionism increase total domestic consumption possibilities.
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Briefly describe the different conditions which affect the value of a real option
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A. total surplus is smaller than producer surplus. B. total surplus is smaller than consumer surplus. C. producer surplus is greater than consumer surplus. D. consumer surplus is greater than producer surplus.
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