9. Paul Krugman argues that because most of our domestic product is consumed dom

Question

9. Paul Krugman argues that because most of our domestic product is consumed domestically, we should not dwell on international competition. What industries in the United States have been hardest hit by foreign competition? What are the potential threats to the United States if these industries fail altogether? 10. Krugman points out some misguided government programs that have resulted from too much emphasis on international competitiveness. What risks are there from too little emphasis on international competitiveness? 11. Consider the Snapshot Application in this section concerning foreign automakers locating manufacturing facilities in the United States. Discuss the advantages and disadvantages of the strategy oflocating manufacturing facilities where the product is consumed rather than where the company is located 12. The North American Free Trade Agreement (NAFTA) was established in 1994 under the Clinton administration a) What was the purpose of NAFTA? b) At the time, political opponents characterized "the big sucking sound" as jobs would be lost as a result. Is there any evidence that this was, in fact, the case?

Explanation / Answer

9) The industries which are hardest hit by foreign investment are: Automobile, Textile, Retail, Consumer goods. These industries are seeing foreign investment and negatively impacting by foreign competition.

If these industries fall together, it will have following impact:

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