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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.

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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?

What might account for the dramatic increase in international trade over the past 50 years?

Explain how predatory pricing could be a motivation for dumping.

If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?

Is international trade likely to have about the same effect on everyone's wages?
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