Question 1 (1 point) Which of the following arguments for trade protection is ba

Question

Question 1 (1 point)

Which of the following arguments for trade protection is based on the premise that a nation should have a wide enough range of domestic industries to be self-sufficient if necessary?

Question 1 options:

The infant industry argument.

The increased domestic employment argument.

The diversification-for-stability argument.

The cheap foreign labor argument.

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Question 2 (1 point)

If the dollar price of yen rises, then:

Question 2 options:

the yen price of dollars also rises.

the dollar will buy fewer U.S. goods.

the dollar depreciates relative to the yen.

the yen depreciates relative to the dollar.

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Question 3 (1 point)

Answer the question on the basis of the following information about the cost ratios for two products—fish (F) and chicken (C)—in countries Singsong and Harmony. Assume that production occurs under conditions of constant costs and these are the only two nations in the world.

Singsong: 1F = 2C

Harmony: 1F = 4C

Refer to the given information. If these two nations specialize based on comparative advantage:

Question 3 options:

Harmony will produce chicken and Singsong will catch fish.

Singsong will produce chicken and Harmony will catch fish.

Singsong will both produce chicken and catch fish.

Harmony will both produce chicken and catch fish.

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The infant industry argument.

The increased domestic employment argument.

The diversification-for-stability argument.

The cheap foreign labor argument.

Explanation / Answer

Answer:

Question 1.The diversification-for-stability argument.

Question 2.the dollar depreciates relative to the yen.

Inverse relation

Question 3.Harmony will produce chicken and Singsong will catch fish.

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