Should we restrict foreign imports or let them in? This is a classic economics question which has been discussed by economists since the time of Adam Smith in 1776.
Read the article below. Then list one good reason to allow tire imports and one good reason to restrict tire imports. Give a short explanation for each reason. All things considered, should cheap Chinese tires be kept out or let in? (Note: this tariff was imposed in fall 2009). Make sure to give some thought to comparative advantage as you compose your post.)
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The reason to allow tire imports is based on the premises that allowing such tire imports would help in maintaining good tire sales among low income consumers, as well as boost employment ...
This solution discusses the restriction of foreign imports.