Question 1: How does a tariff imposed by the U.S. government on foreign-made steel impact the domestic price of U.S.-made steel?
Question 2: Who gains and who loses from a tariff?
Question 3: How will a quota imposed by the U.S. government on foreign-made machinery impact the domestic price of the same kind of machinery made by U.S. companies?
Question 4: Who gains and who loses from a quota?
Question 5: "We need all kinds of trade restrictions against foreign competition to protect American jobs!" Explain why this argument is seriously flawed.