Trading Blocs and Restrictions on Trade (Edexcel A-Level Economics A): 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?
Measures to restrict trade & protect firms
What is a sunset industry?
What is a sunset industry?
An industry in decline needing protection
What is an infant industry?
What is an infant industry?
Industry needing short-run protection
What is dumping in international trade?
What is dumping in international trade?
Selling a product below cost abroad
What is a tariff?
What is a tariff?
A tax imposed on imported goods
Who gains the revenue with tariffs vs quotas?
Who gains the revenue with tariffs vs quotas?
Gov gets tariff revenue; foreigners quota
What represents deadweight loss from a tariff?
What represents deadweight loss from a tariff?
Areas B and E
What is the total consumer surplus loss from a tariff?
What is the total consumer surplus loss from a tariff?
Areas A + B + C + E
What are non-tariff barriers?
What are non-tariff barriers?
Govt measures inhibiting intl trade
What situation do trade wars create?
What situation do trade wars create?
A prisoner's dilemma outcome