1. Do you agree or disagree with the argument that tariffs from industrialized nations negatively impact the industrialization process of less-developed nations? Reflect on what you have learned in this course thus far, and provide an example supporting your argument.

2. Suppose that the world price for cotton is below the U.S. domestic price but the government requires that all cotton used in the United States be domestically produced. What response to such a policy would you expect from industries (like textile producers) that use U.S. cotton?