Question: 15. What is the difference between a free trade association, a common market, and an economic union? 16. Why would countries promote protectionist laws, while

15. What is the difference between a free trade association, a common market, and an economic union?

16. Why would countries promote protectionist laws, while also negotiate for freer trade internationally?

17. What might account for the dramatic increase in international trade over the past 50 years?

18. How does competition, whether domestic or foreign, harm businesses?

19. What are the gains from competition?

21. Name and define three policy tools for enacting protectionism.

22. How does protectionism affect the price of the protected good in the domestic market?

23. Does international trade, taken as a whole, increase the total number of jobs, decrease the total number of jobs, or leave the total number of jobs about the same?

24. Is international trade likely to have roughly the same effect on the number of jobs in each individual industry?

25. How is international trade, taken as a whole, likely to affect the average level of wages?

26. Is international trade likely to have about the same effect on everyone's wages?

27. What are main reasons for protecting "infant industries"? Why is it difficult to stop protecting them?

28. What is dumping? Why does prohibiting it often work better in theory than in practice?r

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