You should include a brief explanation of approximately 50 words for written answers to receive full credit:
1. (3pts) How might protective tariffs reduce both the exports and the imports of the nation that levies tariffs?
2. (1pt) In what way do foreign firms that “dump” their products onto the U.S. market in effect provide bargains to American consumers?
3. (1pt) How might the import competition lead to quality improvements and cost reductions with American firms?