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10 cards from this deck
Measures restricting trade to protect domestic industries
A tax imposed on imported goods
Limit on quantity of exports to another country
New industry needing short-run protection to become competitive
Declining industry needing protection for displaced workers
Selling products abroad below cost to gain market foothold
Areas B and E
Tariff: govt revenue; Quota: foreign producers get quota rent
Firms fail to minimise costs due to lack of competition
Govt measures/regulations that inhibit international trade
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