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Understanding Tariffs and Trade Barriers

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Understanding Tariffs and Trade Barriers

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Questions and Answers

What is the primary reason for levying tariffs to protect infant industries?

To increase competition

To reduce unemployment

To boost international trade

To foster growth in developing industries (correct)

How do tariffs help in protecting domestic employment?

By encouraging companies to outsource production

By promoting the export of domestic goods

By decreasing competition from imported goods (correct)

By reducing taxes on businesses

Why might a government levy a tariff on certain products?

To ensure consumer safety (correct)

To promote competition in the market

To lower consumer prices

To encourage international cooperation

In what scenario might a country use tariffs as a retaliation technique?

If they believe a trading partner is not following trade rules Signup and view all the answers

What is the purpose of national security barriers employed by developed countries?

To protect industries vital for national security Signup and view all the answers

What is a Voluntary Export Restraint (VER)?

A restriction on the number of goods that can be exported imposed by the importing country Signup and view all the answers

How do companies bypass Voluntary Export Restraints (VERs)?

Establishing manufacturing plants in the importing country Signup and view all the answers

Why has the role of tariffs in international trade declined in modern times?

Introduction of international organizations promoting free trade Signup and view all the answers

What is a Local Content Requirement?

A requirement for a certain percentage of a good to be made domestically Signup and view all the answers

How do Technical Regulations impact products in international trade?

By setting specific characteristics for products Signup and view all the answers