Economics

Protectionism is

• a form of consumer saving.

• when the government allows more imports into the country.

• a form of restricting trade.

• a form of increasing trade.

A tariff is

• an increase in tax per person.

• a tax on exports.

• a tax on imports.

• a tax raise on imports and exports.

A __________ tariff is used to help domestic producers.

A _______ tariff is used to generate income for the government.

What is a tax incident?

• It is who ultimately pays the tax.

• It is when a persons taxes are excused.

• It is when taxes are raised to adjust inflation.

A _____ restricts a quantity or the amount of an import allowed in the country.

Say's Law:

• Supply creates its own demand.

• Supply increases in demand.

• Supply depends on demand.

• Demand creates its own supply.

What are the features of Say's Law?

• (1) An increase in labor, purchases, wadges, goods and services. (2) It has a multiplier effect. (3) It is neoclassical.

• (1) An increase in exports, imports, and tariffs. (2) It has a converse affect. (3)

• (1) An increase in unemployment, inflation, and prices. (2) It has a disposable affect. (3) I

Keynes' Law:

• Demands creates its own supply.

• Supply causes in increase in demand.

• Supply creates its own supply.

• Demand causes an increase in supply.

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