ECON Protectionism and Preferential tariffs

limit the flow of goods, services, and productive resources between countries.

A type of economic policy that attempt to protect businesses in a country from foreign competition, usually by putting tariffs on goods from other countries to make them more expensive

The UK has imposed a ban on Syrian oil exports as a political measure. This is an example of a ......

A total ban on imported products is a .....

A tax or duty that raises the price of imported products is a .....

Which method of protection raises revenue for the government?

What is a tariff?

Countries in a trading group generally do not give preferential tariffs to the partners in the group.

The exporting country benefits from preferential tariffs.

A disadvantage of preferential tariffs is that consumers may lack goods from competing suppliers.