Protectionism is the use of ________ to protect domestic firms from foreign competition.
A) cheap labor B) trade barriers C) dumping D) military force
Question 2
The General Agreement on Tariffs and Trade (GATT) was formed to replace the World Trade Organization (WTO) because the WTO was empowered only to reduce barriers to trade in goods.
The GATT is an agreement to reduce barriers to trade in goods, services, and intellectual property.
Indicate whether the statement is true or false
Question 3
Which of the following describes the national security argument for protectionism?
A) Increases in economic surplus outweigh the decreases in consumer surplus that result from protectionism.
B) Nearly all industries can make some claim to strategic importance so such trade restrictions can get out of hand.
C) Some goods should be insulated from foreign competition to ensure an adequate supply of these goods in the event of an international conflict.
D) Private companies (for example, Coca-Cola) should not be forced to reveal their trade secrets to foreign companies.
Question 4
Mortgages issued to borrowers whose credit histories include failures to make payments on bills are known as ________ mortgages.
A) subprime B) Alt-A C) catastrophic D) variable rate
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