Green
What is one of the arguments for trade protection mentioned in the content?
A - Protection of infant industries
B - Promotion of international cooperation
C - Reduction of government revenue
D - Encouragement of monopolies
A - Protection of infant industries
How does protectionism contribute to the balance of payments correction?
A. By increasing trade deficits
B. By promoting unfair competition
C. By reducing government revenue
D. By limiting imports and boosting domestic production
D. By limiting imports and boosting domestic production
What was the UK's action regarding cosmetics and personal care products containing microbeads?
A. Banned them
B. Lowered their prices
C. Increased their production
D. Exported them to other countries
A. Banned them
In economically least developed countries (ELDCs), what is a common reason for imposing tariffs on imports?
A. To reduce domestic production
B. To promote imports
C. To support foreign industries
D. To raise government revenue
D. To raise government revenue
Which of the following is not a reason to implement protectionism?
A. To combat dumping
B. To increase employment
C. To boost import activity
D. To increase the export sector
C. To boost import activity
How does protectionism contribute to national security according to the content?
A - By protecting key industries crucial for defense
B - By increasing international conflicts
C - By reducing defense spending
D - By promoting trade disruptions
A - By protecting key industries crucial for defense
How does protectionism relate to the economically least developed country (ELDC) diversification?
A. It hinders diversification efforts
B. It promotes diversification by limiting imports
C. It has no impact on diversification
D. It encourages reliance on a single industry
B. It promotes diversification by limiting imports
What is one purpose of protectionist policies regarding environmental standards on imports?
A. To promote pollution in the country
B. To ensure foreign goods meet the same ecological standards as domestic products
C. To reduce environmental regulations
D. To encourage the use of harmful chemicals in products
B. To ensure foreign goods meet the same ecological standards as domestic products
What is one of the potential benefits of protectionism for domestic industries facing tough competition from abroad?
A. Job protection
B. Job outsourcing
C. Increased imports
D. Market monopolies
A. Job protection
What is a key consideration when comparing free trade and trade protection in terms of their impact on economic growth?
A. Inflation
B. Time frame
C. Interest rate
D. Government revenue from quotas
B. Time frame
What is the purpose of protecting infant industries through trade protection?
A. To maintain environmental standards
B. To encourage unfair competition
C. To nurture industries until they become competitive internationally
D. To reduce job opportunities
C. To nurture industries until they become competitive internationally
What is one reason the EU subsidises its agricultural industry?
A. To ensure food is grown on European soil
B. To promote international trade
C. To reduce food prices for consumers
D. To increase imports from other countries
A. To ensure food is grown on European soil
How can governments prevent the collapse of local industries related to dumping?
A. By lowering import taxes
B. By providing subsidies to foreign companies
C. By imposing tariffs on foreign goods sold below cost
D. By increasing competition from foreign markets
C. By imposing tariffs on foreign goods sold below cost
How can protectionism help economically least developed countries (ELDCs) diversify their economies?
A. By increasing imports
B. By reducing government intervention
C. By developing new industries
D. By promoting monopolies
C. By developing new industries
Which factor is NOT directly associated with the impact of trade protectionism as per the content?
A. Retaliation
B. Government revenue from quotas
C. Resource allocation
D. Economies of scale
B. Government revenue from quotas
Why is the protection of infant industries considered important in trade protection?
A. To maintain high prices for consumers
B. To prevent international trade agreements
C. To help industries become competitive on a global scale
D. To limit job opportunities
C. To help industries become competitive on a global scale
How can government-imposed standards on imported goods benefit a country?
A. By ensuring products meet health and safety regulations
B. By lowering quality standards
C. By increasing import taxes
D. By promoting unfair competition
A. By ensuring products meet health and safety regulations
What is the main issue in the long-running feud between the USA and South Africa over chicken dumping?
A. Intellectual property disputes
B. Dumping of chicken at prices below cost
C. Currency exchange rates
D. Labor disputes
B. Dumping of chicken at prices below cost
What are some potential consequences of trade protectionism mentioned in the content?
A. Increased costs
B. Higher prices
C. Less choice
D. All of the above
D. All of the above
What is a potential outcome of a lack of incentive for domestic firms in the context of trade protectionism?
A. Reduced costs
B. Reduced Export Competitiveness
C. Less choice
D. Retaliation
B. Reduced Export Competitiveness
What role does protectionism play in maintaining health and safety according to the content?
A. It increases health risks
B. It decreases safety standards
C. It has no impact on health and safety
D. It ensures maintenance of health and safety standards
D. It ensures maintenance of health and safety standards
Why was Kinder Surprise banned for sale in the US and Chile?
A. Due to the risk of young children swallowing or choking on the small toy
B. Due to high production costs
C. Due to political reasons
D. Due to lack of popularity
A. Due to the risk of young children swallowing or choking on the small toy
What is one of the reasons for imposing tariffs on imported goods?
A. To encourage free trade
B. To promote international cooperation
C. To increase foreign investment
D. To level the playing field for domestic companies
D. To level the playing field for domestic companies
Which factor is highlighted as a result of misallocation of resources in the context provided?
A. Retaliation
B. Reduced Export Competitiveness
C. Lack of Incentive for Domestic Firms
D. Increased costs
D. Increased costs
What is a potential downside of protectionism for domestic firms according to the content?
A. Increased costs
B. Retaliation
C. Reduced Export Competitiveness
D. Less choice
C. Reduced Export Competitiveness