List five arguments often given to support trade restrictions. How do economists respond to these arguments?

List five arguments often given to support trade restrictions. How do economists respond to these arguments?

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December 27, 2020
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List five arguments often given to support trade restrictions. How do economists respond to these arguments?

 

Answer and ExplanationSolution by a verified expert

Here is a tip:

Arguments against free trade are given to restrict trade and protect the domestic economy.

Explanation

The arguments in favor of trade restrictions are listed as follows:

Employment protection: Restricting trade helps the home country to increase its demand for domestic products, which leads to an increase in employment.
Safety and security of the nation: The key industries that are pivotal for national security should be protected.
Protection of small scale industries: New and budding industries need to be protected temporarily to help them survive.
Restricting unfair competition: Blocking international competition safeguards the interests of domestic producers.
Negotiation: Restrictions facilitate bargaining amongst trade partners.

Economists are not in favor of trade barriers and view free trade as a better policy. They consider that the gains from trade outweigh the benefits achieved through trade restrictions.

Verified Answer

The trade restrictions arguments are as follows:

Employment protection
Safety and security of the nation
Protection of small scale industries
Restricting competition
Negotiation

Economists are against using protections to restrict trade and view free trade as a better policy.

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