Trade policies and negotiations (OCR A-Level Economics): Quizzes

Actions to impose trade restrictions

Raise import prices to encourage domestic purchases

Physical limit on quantity of imports

Agreement to reduce trade barriers

No protectionist policies between members

Common restrictions against non-members

Free trade in factor markets

Shared single currency

Fiscal union and monetary union

Encourage free trade by removing barriers

Replace high-cost domestic with low-cost imports

Shift from low-cost outside to high-cost inside

Reduce overall economic welfare