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Economics
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3 Nov 2020

1. When a government legislates policies to reduce or block international trade it is engaging in ___________________.

a. trade pessimism

b. protectionism

c. trade diversion

Booster class
Microeconomics
Skill
Understanding Protectionism
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Raushan Raj
Raushan RajLv8
3 Nov 2020

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Related questions

Which of the following arguments is valid in the economics of international trade?

a. Trade can result in a net job gain in the whole country.

b. Trade restrictions are good ways to raise a country's employment.

c. Trade restrictions help to reduce child labor in poor countries.

d. Protectionism increases the well-being of domestic consumers.

2.one reason some oppose free trade and the reduction of trade barriers in protectionism, What does old-fashioned protectionism seek to protect? Protectionism traditionally seeks to use trade barriers to protect

A. foreign cultures

B. mature industries

C. domestic jobs

D, us consumers

E. child labot

3. How do property rights affect exterrnalities and market failure?

A, Externalities and market failure will not occur when property rights are incomplete

B, Externalities will be positive and market failure will not occur when property rights are divided equally among market participants

C. Externalities will be positive and market failure will not occur when property rightsare enforced.

D. Externalities and market failure will result from producers having all the property rights.

E.Externalities and market failure will result from the difficulty of enforcing property rights

Homeland is about to join Furrinerland in a free-trade area. Before the union, Homeland imports 10 million DVD recorders from the outside world market at $100 and adds a tariff of $30 on each recorder. It takes $110 to produce each DVD recorder in Furrinerland

a) once the free trade area is formed, what will be the cost to Homeland of the DVD recorder trade diverted to Furrinerland?

b) How much extra imports would have to be demanded by Homeland to offset this trade-diversion cost?

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