A flawed argument for protection from foreign trade is that
i.tariffs save domestic jobs.
ii.tariffs protect the national culture.
iii.quotas bring about diversity and stability.
A) i only
B) ii only
C) iii only
D) i and ii
E) i, ii, and iii

Question

Quizplus · Accepted Answer

All three statements represent flawed arguments for protection from foreign trade. Tariffs might save some domestic jobs in the short term but can lead to inefficiencies and higher costs for consumers. Protecting national culture is not an economic argument and can lead to protectionism that harms overall economic welfare. Quotas might not necessarily bring about diversity and stability; instead, they can distort markets and lead to retaliation from other countries.

A Flawed Argument for Protection from Foreign Trade Is That