Protectionism (Leaving Cert Business): Quizzes
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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 actions shielding domestic industries
What is a key reason govts use protectionism?
What is a key reason govts use protectionism?
To protect jobs in domestic industries
How many main methods of protectionism are there?
How many main methods of protectionism are there?
Five
What is a tariff?
What is a tariff?
A tax on imported goods
If beef costs €10 and a 20% tariff applies, what is the new price?
If beef costs €10 and a 20% tariff applies, what is the new price?
€12
What does a quota do?
What does a quota do?
Limits number of units imported/exported
What type of protectionist measure is an embargo?
What type of protectionist measure is an embargo?
Complete ban, often for political reasons
What is the purpose of a subsidy?
What is the purpose of a subsidy?
Help domestic firms reduce operating costs
What do administrative regulations involve?
What do administrative regulations involve?
Bureaucratic obstacles & excessive paperwork
Why do govts use protectionism to improve balance of payments?
Why do govts use protectionism to improve balance of payments?
Reduces money flowing out of the country