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Paper 3 > Trade & Protectionism - Micro/Macro - Causes/Effects/Policies > Flashcards

Trade & Protectionism - Micro/Macro - Causes/Effects/Policies Flashcards

1
Q

Macro effects of Free trade

A

Growth
Employment
Inflation
Current Account

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2
Q

Micro effects of Free trade

A

EOS
Lower Prices Higher Quantity/Quality
Higher Profits

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3
Q

Macro reasons for protectionism

A

Unemployment
Gov Revenue
Current Account

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4
Q

Micro reasons for protectionism

A

Protect Infant industry
Dumping
Standards/Regulation

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5
Q

Macro effects of protectionism

A

Unemployment
Current Account
Inflation
Gov Revenue

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6
Q

Micro effects of protectionism

A

Higher Prices Lower Quality/Quantity
Domestic Producer Revenue
Allocative inefficiency

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Paper 3 (7 decks)

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