Protectionism (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is protectionism?
What is protectionism?
Govt restricts trade to protect domestic firms
What is a tariff?
What is a tariff?
A tax imposed on imported goods
What is dumping?
What is dumping?
Foreign producers selling goods below cost
What is an import quota?
What is an import quota?
A physical limit on import quantities
Why might govts protect infant industries?
Why might govts protect infant industries?
New industries need time to grow & compete
When do tariffs work effectively?
When do tariffs work effectively?
When demand for imports is price elastic
How do subsidies help domestic producers compete?
How do subsidies help domestic producers compete?
Lower costs, increase supply, force prices down
What is an embargo?
What is an embargo?
A complete ban on imports
What is a major problem with trade barriers?
What is a major problem with trade barriers?
Countries may retaliate with their own barriers
What anti-dumping duty did the US impose on Chinese solar products in 2014?
What anti-dumping duty did the US impose on Chinese solar products in 2014?
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