Author Question: One way to characterize innovations is to describe the degree of change that they create in our ... (Read 57 times)

cool · **on:** Jun 29, 2018

One way to characterize innovations is to describe the degree of change that they create in our consumption patterns.

Indicate whether the statement is true or false

Question 2

Which protection mechanism has been used since 1969 to protect the U.S. steel industry?
a. Voluntary import expansion c. Price controls
b. Voluntary export restraints d. Nonautomatic import licenses

Dominic · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

True

Answer to Question 2

B
Voluntary export restraints are self-imposed quotas and constitute a barrier to trade. The U.S. used voluntary export restraints to protect local steel industries. A country that is subject to voluntary export restraints limits the quantity of product it exports to another, primarily because it attempts, by doing so, to avoid more severe future mandatory import restrictions.