A Desirable Mix of Protection and Free Trade (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What approach do modern economies use regarding protection and free trade?
What approach do modern economies use regarding protection and free trade?
A combination of both strategies
What does import substitution involve?
What does import substitution involve?
Protecting local industries from abroad
How do import substitution and export promotion relate to each other?
How do import substitution and export promotion relate to each other?
They can work together effectively
How do trade blocks mix protection and free trade?
How do trade blocks mix protection and free trade?
Free trade within, protection outside
What is the main role of the WTO?
What is the main role of the WTO?
Independent facilitator for free trade
What is the key feature of a Free Trade Area?
What is the key feature of a Free Trade Area?
Own policies with non-members allowed
What distinguishes a customs union from a free trade area?
What distinguishes a customs union from a free trade area?
Common external tariffs exist
What problem do customs unions prevent with common external tariffs?
What problem do customs unions prevent with common external tariffs?
Trade deflexion
What additional feature do common markets have beyond customs unions?
What additional feature do common markets have beyond customs unions?
Free movement of production factors
What is the highest level of economic integration?
What is the highest level of economic integration?
Economic union