Critical Thinking: Costs and Benefits of Import Quotas

In 1980, automobile manufacturers in the United States asserted that import quotas be instituted on foreign-produced vehicles marketed in the United States. In a critical essay, elaborate on the costs and benefits of this policy and approach. Is the policy in effect? How have non-US manufacturers responded? Summarize the effects and discuss the trends of the past 35 years. Support your findings with additional academic references. Directions: Your essay should be at minimum five-pages in length, which does not include the title page, abstract, or required reference page, which are never a part of the content minimum requirements. Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer- reviewed journal articles.