Chapter 2: The dynamic Development of International Trade

Question 1

Balance of Payments

Answer 1

The difference between receipts and payments

Question 2

Payments

Answer 2

Money spent by canadians

Question 3

Receipts

Answer 3

Money spent on canadian

Question 4

Protectionism

Answer 4

When countries use legal barriers in order to prevent certain goods from getting in the country

Question 5

Arguments for Protectionism

Answer 5

Protect infant industry, Protect home market, Keep money at home, Maintain standard of living

Question 6

4 core arguments for protectionism

Answer 6

1. Maintain employment and reduce unemployment
2. National Defence
3. Enhance business Size
4. Retaliation and bargaining