Free Trade vs Protectionism

What is the main idea presented in the text?

• Protectionism is always favored over free trade by economists and government officials.

• Free trade is better than protectionism according to most economists.

• Protectionism has no advantages compared to free trade.

• Free trade does not promote cooperative relationships among countries.

What is a common trade barrier mentioned in the text?

• Export incentives

• Import quotas

• Tax refunds on exported goods

• Subsidies on imported goods

What is the purpose of an import quota?

• To reduce the cost of imported goods

• To increase the amount of imported goods

• To encourage foreign competition

• To limit the amount of imported goods

What are the main advantages of protectionism according to the text?

• Increasing standard of living

• Encouraging infant industries

• Helping workers in industries affected by foreign competition

• Promoting competitive markets

What is the goal of the World Trade Organization (WTO) as mentioned in the text?

• To impose tariffs on imported goods

• To promote protectionism

• To restrict international trade

• To resolve trade disputes

What was the outcome of the 'Brexit' situation mentioned in the text?

• United Kingdom joined the European Union

• United Kingdom imposed strict trade barriers

• United Kingdom increased cooperation with other countries

• United Kingdom withdrew from the European Union

What is the main benefit of free trade according to the text?

• Reducing standard of living

• Promoting protectionism

• Increasing trade barriers

• Encouraging competitive markets

What is the purpose of international free trade agreements mentioned in the text?

• To encourage free trade among countries

• To promote war between countries

• To limit trade between countries

• To impose tariffs on imported goods

What is the role of tariffs in protectionism according to the text?

• To decrease the price of imported goods

• To increase the price of imported goods

• To eliminate competition from domestic industries

• To promote foreign competition

What is the impact of protectionism on workers in industries affected by foreign competition?

• They are more likely to lose their jobs

• They are more likely to keep their jobs

• They are paid higher wages

• They are not affected by protectionism