/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 21. Name and define three policy too... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 34: Q. 21. (page 832)

Name and define three policy tools for enacting protectionism.

Short Answer

Expert verified

Tariffs, import quotas and non tariff barriers are the most important policy tools for enacting protectionism.

Step by step solution

01

Step 1. Meaning of protectionism.

Policy implemented by government that restrict international trade to help domestic industries. Protectionist policies are usually implemented with the goal to improve economic activity within a domestic economy but can also be implemented for supply or quality concerns.

02

Step 2. Three policy tools for enacting protectionism.

a) Tariffs- It is a tax imposed by one country on the goods and services imported from another country.

b) Import quotas:- A quota is a government imposed trade restriction that limits the number or monetary value of goods that a country can import during a particular period.

c) Non-Tariff barriers:- It is a trade barriers that restrict import or export of goods or services through mechanism other than the simple imposition of tariffs.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Trade has income distribution effects. For example, suppose that because of a government-negotiated reduction in trade barriers, trade between Germany and the Czech Republic increases. Germany sells house paint to the Czech Republic. The Czech Republic sells alarm clocks to Germany. Would you expect this pattern of trade to increase or decrease jobs and wages in the paint industry in Germany? The alarm clock industry in Germany? The paint industry in Czech Republic? The alarm clock industry in Czech Republic? What has to happen for there to be no increase in total unemployment in both countries?

Show graphically that for any tariff, there is an equivalent quota that would give the same result. What would be the difference, then, between the two types of trade barriers? Hint: It is not something you can see from the graph.

What is the difference between a free trade association, a common market, and an economic union?

Is international trade likely to have roughly the same effect on the number of jobs in each individual industry?

What is the national interest argument for protectionism with regard to certain products?
See all solutions

Recommended explanations on Economics Textbooks

Taxation Economics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.