Part 2 Protectionism - Regulation of Trade

The aim of protectionism is to safeguard domestic trade. The most common protectionist strategies are imposing tariffs and ________ on imported goods.

• quotas

• fees

• restrictions

Often, governments engage in protectionism to allow emerging industries to become ________.

• strong

• experts

• monopolies

What could a country try to do if it is spending more on imports than it earns through exports?

to export goods at prices that are much lower than their value is called _________.

What can a country do if they are on the receiving end of dumping?

How did Australia retaliate when it was proven that Italy had been "dumping" canned tomatoes in their country in 2014?

Watch the clip on slide 23: What did the U.S. accuse China of doing? What was the U.S. response?

Protectionism shields domestic producers from ___________ by blocking or limiting foreign imports. However, ___________ is good for the market. (same word)

What are the main three undesirable consequences when there is a lack of competition? List them please.

When there is little or no competition, the scale is tipped in favor of __________ rather than consumers.