18. The region that tends to lead the U.S. in globalization is: a. New England b. The Mid-West c. The South d. The West e. The Southwest 19. The nation that serves as the major source of the U.S. trade deficit is: a. Japan b. Mexico c. China d. Canada 20. The fact that markets do not always take long-run national competitiveness into account is a form of: a. Mercantilism doctrine b. Protectionism c. Market failure d. Laisse-fair economic policy e. Supply-side economics 21. Statement I: Protectionism is a defensive strategy to stop/slow imports and shelter domestic industry from foreign
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