APPLICATION: INTERNATIONAL TRADE 21 Arguments for Restricting Trade 2. The national security argument An industry vital to national security should be
{"Image DocumentName": "Arguments for Restricting Trade", "Image ImageDescription": "3. The infant-industry argument. A new industry argues for temporary protection until it is mature and can compete with foreign firms. Economists\u2019 response: Difficult for govt to determine which industries will eventually be able to compete and whether benefits of establishing these industries exceed cost to consumers of restricting imports. Besides, if a firm will be profitable in the long run, it should be willing to incur temporary losses. APPLICATION: INTERNATIONAL TRADE. 22.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}