Protection and Free Trade (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is protection in trade policy?
What is protection in trade policy?
A policy discouraging imports to shield
Why do infant industries need protection?
Why do infant industries need protection?
High costs vs mature foreign competitors
Which products become important for self-sufficiency during international conflicts?
Which products become important for self-sufficiency during international conflicts?
Food, energy, and defence materials
What is dumping in international trade?
What is dumping in international trade?
Selling surplus goods below production cost
How can protection help preserve natural resources?
How can protection help preserve natural resources?
Prevents rapid depletion from free trade
What defines free trade?
What defines free trade?
Freedom to buy globally without interference
What does the theory of comparative advantage demonstrate?
What does the theory of comparative advantage demonstrate?
Global output rises with specialisation
How do economies of scale benefit from free trade?
How do economies of scale benefit from free trade?
Global markets enable larger production
How does free trade promote innovation?
How does free trade promote innovation?
Competition drives continuous improvement
What approach do most modern economies adopt regarding trade?
What approach do most modern economies adopt regarding trade?
Mixed approach combining both strategies