Which of the following describes the infant industry argument for protectionism?
A) Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets.
B) Domestic producers in high-wage countries must be protected from foreign producers in low-wage countries to produce a level playing field.
C) An industry must be protected in its early stages of development so that firms can compete with government-subsidized foreign competition.
D) Some strategic industries must be protected to ensure adequate supplies of resources needed for national defense in emergencies.
Question 2
In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States to 21. In much of Europe, the legal age to consume alcohol is 18.
If the legal drinking age in the United States was changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages?
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