IB Economics Free Trade Vs Protectionism

​IB Economics Free trade Vs Protectionism

How to model and explain free trade vs Protectionism

​Complete the tasks on the IBEISA for definitions

scan the code on the window and complete the questions

Draw

Draw a subsidy and the effect on the market for hats

Open Ended

What does DASE stand for?

​Complete the tasks on the IBEISA for Applications

​Scan the code on the window and answer the tasks

Draw

Draw the effect on a market for hats of a quota

​Complete the tasks on the IBEISA-Evaluation

Scan the code on the window and complete the tasks

Multiple Choice

A voluntary Export restraint is...

• When a country voluntarily adds a tariff

• When a country voluntarily adds a quota to imports

• When a country voluntarily reduces their exports

• When a country wins the NBA

Multiple Choice

Deadweight loss is

• family member who is told to leave as they don't pay their fair share

• Loss of CS and PS that is gained by the Government

• Loss of CS and PS that is gained by the producers

• Loss of CS and PS that is not gained by anyone

Open Ended

Explain why the DWL is where it is in the Tariff diagram

Multiple Choice

Comparative advantage is

• Country producing at a lower production cost

• Country producing at a lower opportunity cost

• Country producing at a less efficient method

• Country ruled by Zharfan

Open Ended

What do you think Bretton Woods was? (don't look it up...just guess)

Multiple Choice

A long time ago (in a galaxy far far away) countries including Malaysia fixed the value of their currency to the price of gold...what was this system called?

• Gold view system

• Gold control system

• Gold currency system

• Gold standard system