Methods of Protectionism Flashcards
1
Q
Tariff
A
a tax paced on imported goods and services to make that certain good difficult to consume in a country.
2
Q
consumer surplus
A
difference between price consumers are willing to pay and the market price
3
Q
producer surplus
A
difference between price producers are willing to supply at, and the market price.
4
Q
How can subsidies protect a country
A
this can help lower prices of goods and make them competitive internationally
5
Q
what is a quotas
A
a limit on the quantity of imports that may enter a country
6
Q
what is an embargo
A
a total ban on imported goods. directed at countries to put pressure on the government.
