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exchange."},{"text":"high and selective government barriers","correct":false,"explanation":"High and selective barriers describe protectionism, where governments restrict imports. Free trade instead involves few or no government barriers to international exchange."},{"text":"strict controls on all imports","correct":false,"explanation":"Strict import controls restrict international competition and are a form of protectionism. Free trade operates with few or no government barriers."},{"text":"subsidies for every domestic producer","correct":false,"explanation":"Producer subsidies may distort trade by favouring domestic firms; they do not define free trade. Free trade means exchange with few or no government barriers."}]},{"id":"4159339d-d939-4e04-a6d1-77654fc94b51","cardType":"basic","points":2,"front":"If the world price is below the domestic equilibrium price, what creates import demand?","back":"Domestic demand exceeds domestic supply, so imports fill the gap.","mcqOptions":[{"text":"Domestic demand exceeds domestic supply, so imports fill the gap.","correct":true,"explanation":"At the lower world price, domestic consumers demand more while domestic producers supply less. The resulting shortage between domestic demand and supply is met by imports."},{"text":"Domestic supply exceeds domestic demand, so imports clear the surplus.","correct":false,"explanation":"This reverses the market imbalance: excess domestic supply would create export potential, not import demand. Imports arise because domestic demand exceeds domestic supply."},{"text":"Domestic demand equals domestic supply, so imports maintain equilibrium.","correct":false,"explanation":"If domestic demand equalled domestic supply, there would be no gap requiring imports. Import demand exists because domestic demand exceeds domestic supply at the world price."},{"text":"Foreign demand exceeds foreign supply, so imports fill the gap.","correct":false,"explanation":"This confuses conditions in the foreign market with the importing country’s market. Imports fill the domestic gap created when domestic demand exceeds domestic supply."}]},{"id":"7d3d85a5-a328-4e9c-8291-f51f50b3d1a0","cardType":"cloze","points":null,"front":"Comparative advantage means producing a good at a lower [ ] than another country.","back":"Comparative advantage means producing a good at a lower opportunity cost than another country.","mcqOptions":[{"text":"opportunity cost","correct":true,"explanation":"Comparative advantage exists when a country sacrifices less alternative output to produce a good, meaning it has a lower opportunity cost than another country."},{"text":"absolute cost","correct":false,"explanation":"This confuses comparative advantage with absolute cost differences. Comparative advantage depends on lower opportunity cost, even if the country has higher monetary or resource costs."},{"text":"market price","correct":false,"explanation":"A lower market price may reflect many factors and does not establish comparative advantage. The defining comparison is the opportunity cost of producing the good."},{"text":"average revenue","correct":false,"explanation":"Average revenue measures revenue per unit sold rather than the sacrifice involved in production. Comparative advantage is determined by a lower opportunity cost."}]},{"id":"eed62470-264e-4f2f-8ef3-deabe431338d","cardType":"basic","points":2,"front":"What is the core trade-off of protectionism?","back":"It protects some domestic firms/workers, but shifts costs to consumers, taxpayers or trading partners.","mcqOptions":[{"text":"It protects some domestic firms/workers, but shifts costs to consumers, taxpayers or trading partners.","correct":true,"explanation":"Protection can support domestic employment and production, but higher prices, subsidy costs or reduced export opportunities transfer part of the burden to other groups."},{"text":"It protects all domestic consumers, but shifts costs only to foreign producers and governments.","correct":false,"explanation":"Protection commonly raises prices and reduces choice for domestic consumers, so its costs are not confined abroad. It protects some domestic firms or workers while shifting costs elsewhere."},{"text":"It eliminates inefficient domestic firms, but shifts benefits to consumers, taxpayers or trading partners.","correct":false,"explanation":"This reverses protectionism’s usual effect: barriers shelter some domestic firms rather than eliminating them. The protection creates costs for consumers, taxpayers or trading partners."},{"text":"It protects every domestic industry, but creates no costs for consumers, taxpayers or trading partners.","correct":false,"explanation":"Protection is normally selective and always has opportunity costs or distributional effects. It protects some domestic firms or workers while imposing costs on other groups."}]},{"id":"3b745a6c-a846-42ba-8991-9369c809efb3","cardType":"basic","points":2,"front":"How can temporary protection help an infant industry become competitive?","back":"It gives firms time to grow, learn, invest and exploit economies of scale.","mcqOptions":[{"text":"It gives firms time to grow, learn, invest and exploit economies of scale.","correct":true,"explanation":"Temporary shelter from established foreign competitors can let young firms build expertise, invest in capacity and lower average costs through economies of scale."},{"text":"It gives firms time to remain small, avoid investment and preserve high unit costs.","correct":false,"explanation":"Remaining small and avoiding investment would prevent competitiveness rather than create it. Infant-industry protection is justified by allowing firms to grow, learn, invest and reduce average costs."},{"text":"It gives firms time to raise prices, restrict output and avoid economies of scale.","correct":false,"explanation":"Higher prices and restricted output may create complacency, not international competitiveness. The intended mechanism is growth, learning, investment and exploitation of economies of scale."},{"text":"It gives firms time to reduce productivity, lose expertise and become permanently dependent.","correct":false,"explanation":"Permanent dependence is a risk of badly designed protection, not the infant-industry mechanism. Temporary protection should enable growth, learning, investment and economies of scale."}]},{"id":"01281d3d-8097-4c41-b710-baad72118011","cardType":"basic","points":2,"front":"How can protectionism reduce structural unemployment in the short run?","back":"It protects jobs where workers' skills or location no longer match the economy.","mcqOptions":[{"text":"It protects jobs where workers' skills or location no longer match the economy.","correct":true,"explanation":"Import barriers can temporarily preserve jobs in declining industries, slowing unemployment caused by workers’ skills or geographical location not matching available vacancies."},{"text":"It protects jobs where workers' wage demands remain below the market equilibrium.","correct":false,"explanation":"Below-equilibrium wage demands would not explain structural unemployment. Structural unemployment arises from mismatches in workers’ skills or location, which protection may temporarily conceal."},{"text":"It protects jobs where workers' holidays or preferences no longer match their employers.","correct":false,"explanation":"Differences over holidays or preferences do not define structural unemployment. The relevant long-term mismatch concerns workers’ skills or location relative to the changing economy."},{"text":"It protects jobs where workers' spending or saving no longer matches aggregate demand.","correct":false,"explanation":"This confuses structural unemployment with demand-side macroeconomic conditions. Structural unemployment reflects mismatched skills or locations, and protection may preserve affected jobs temporarily."}]},{"id":"efb11b1c-3921-4940-a078-3335b2d4adfd","cardType":"basic","points":2,"front":"Why might governments protect strategic industries?","back":"National security: they are too important to rely fully on foreign suppliers.","mcqOptions":[{"text":"National security: they are too important to rely fully on foreign suppliers.","correct":true,"explanation":"Industries such as defence, energy or food may be essential during conflict or disruption, so governments may retain domestic capacity rather than depend entirely on imports."},{"text":"Consumer sovereignty: they are too popular to expose fully to domestic competition.","correct":false,"explanation":"Consumer sovereignty concerns choices reflecting consumer preferences, not the security importance of supply. Strategic industries are protected because foreign dependence could threaten national security."},{"text":"Comparative advantage: they are too inefficient to trade fully with foreign suppliers.","correct":false,"explanation":"Comparative advantage normally supports specialisation and trade rather than protection of inefficient production. Strategic protection is instead justified by national security and supply resilience."},{"text":"Fiscal neutrality: they are too profitable to tax fully like domestic suppliers.","correct":false,"explanation":"Fiscal neutrality concerns equal tax treatment and does not explain strategic protection. Governments protect essential industries to reduce security risks from dependence on foreign suppliers."}]},{"id":"cbf7f06d-1059-4c32-afab-d619561fca63","cardType":"cloze","points":null,"front":"Dumping means selling abroad at an unfairly low price, often [ ] or below the home-market price.","back":"Dumping means selling abroad at an unfairly low price, often below cost or below the home-market price.","mcqOptions":[{"text":"below cost","correct":true,"explanation":"Selling exports below their production cost can undercut competitors unsustainably and is a standard indicator of dumping, especially when combined with lower prices than at home."},{"text":"above cost","correct":false,"explanation":"Selling above cost is normally compatible with earning a profit and does not by itself indicate dumping. Dumping often involves selling abroad below cost."},{"text":"at average cost","correct":false,"explanation":"Pricing at average cost covers production costs and is not normally evidence of unfairly low export pricing. Dumping often means selling below cost."},{"text":"above market value","correct":false,"explanation":"Dumping involves unusually low export prices, not prices above market value. It commonly means selling abroad below cost or below the home-market price."}]},{"id":"487878e3-a248-4403-8707-7ce9ebea6160","cardType":"cloze","points":null,"front":"A specific tariff is a [ ]; an ad valorem tariff is a [ ].","back":"A specific tariff is a fixed amount per unit; an ad valorem tariff is a percentage of the import's value.","mcqOptions":[{"text":"A specific tariff is a fixed amount per unit; an ad valorem tariff is a percentage of the import's value.","correct":true,"explanation":"A specific tariff charges a set monetary amount on each imported unit, whereas an ad valorem tariff varies in proportion to the monetary value of the import."},{"text":"A specific tariff is a percentage of the import's value; an ad valorem tariff is a fixed amount per unit.","correct":false,"explanation":"This reverses the two definitions. A specific tariff is a fixed amount charged per unit, while an ad valorem tariff is calculated as a percentage of the import's value."},{"text":"A specific tariff is a maximum quantity permitted; an ad valorem tariff is a total ban on imports.","correct":false,"explanation":"These describe quantitative restrictions rather than tariffs: a quota limits quantity and an embargo bans trade. The correct definitions are a fixed amount per unit and a percentage of value."},{"text":"A specific tariff is a subsidy paid per unit; an ad valorem tariff is a percentage of the export's value.","correct":false,"explanation":"A subsidy is a payment rather than an import tax, and ad valorem tariffs apply to import value. The correct terms are fixed amount per unit and percentage of the import's value."}]},{"id":"f9a3350a-7b2f-41db-a306-d7b79a6402db","cardType":"basic","points":1,"front":"What happens to domestic price when a tariff is imposed on imports?","back":"It rises from the world price to the tariff-inclusive price.","mcqOptions":[{"text":"It rises from the world price to the tariff-inclusive price.","correct":true,"explanation":"The tariff increases the cost of imported goods, so the domestic market price rises above the world price by the tariff amount under the small-country assumption."},{"text":"It falls from the world price to the tariff-exclusive price.","correct":false,"explanation":"Treating the tariff as a cost reduction reverses its effect. An import tariff raises the domestic price from the world price to the higher tariff-inclusive price."},{"text":"It remains at the world price despite the tariff-inclusive price.","correct":false,"explanation":"This overlooks the tax added to imported goods. The domestic price rises from the world price to the tariff-inclusive price, assuming the tariff is fully passed on."},{"text":"It rises from the equilibrium price to the subsidy-inclusive price.","correct":false,"explanation":"This confuses a tariff with a subsidy and uses the wrong initial benchmark. The price rises from the world price to the tariff-inclusive price."}]},{"id":"85c033f4-8869-4d4f-9afc-ff41dc9e84d3","cardType":"basic","points":2,"front":"Why do imports fall after a tariff?","back":"

Consumers buy less as the price rises.
Domestic producers supply more at the higher price.

","mcqOptions":[{"text":"

Consumers buy less as the price rises.
Domestic producers supply more at the higher price.

","correct":true,"explanation":"The higher tariff-inclusive price contracts domestic demand and expands domestic supply. Since imports equal domestic demand minus domestic supply, both changes reduce the quantity imported."},{"text":"

Consumers buy more as the price rises.
Domestic producers supply less at the higher price.

","correct":false,"explanation":"This reverses the usual demand and supply responses to a price increase. Consumers buy less and domestic producers supply more, so the gap filled by imports narrows."},{"text":"

Consumers buy less as the price falls.
Foreign producers supply more at the lower price.

","correct":false,"explanation":"A tariff raises rather than lowers the domestic price, and the key supply response comes from domestic firms. Lower consumption and greater domestic production cause imports to fall."},{"text":"

Consumers buy more as the price falls.
Domestic producers supply more at the lower price.

","correct":false,"explanation":"This incorrectly assumes that the tariff lowers price and that domestic supply rises when price falls. The tariff raises price, reducing demand and increasing domestic supply."}]},{"id":"87868477-777f-4c41-adc8-e3a2bd181d32","cardType":"cloze","points":null,"front":"Tariff revenue = [ ] × [ ].","back":"Tariff revenue = tariff per unit × post-tariff imports.","mcqOptions":[{"text":"Tariff revenue = tariff per unit × post-tariff imports.","correct":true,"explanation":"Government revenue equals the tax collected on each imported unit multiplied by the number of units still imported after the tariff has changed demand and supply."},{"text":"Tariff revenue = tariff per unit × pre-tariff imports.","correct":false,"explanation":"Using pre-tariff imports ignores the reduction in import quantity caused by the higher price. Revenue uses the tariff per unit multiplied by post-tariff imports."},{"text":"Tariff revenue = world price per unit × post-tariff imports.","correct":false,"explanation":"Multiplying by the world price calculates import expenditure, not government tax revenue. Tariff revenue is the tariff charged per unit multiplied by post-tariff imports."},{"text":"Tariff revenue = tariff-inclusive price × domestic production.","correct":false,"explanation":"This calculates the market value of domestic output rather than tariff receipts. Revenue comes only from the tariff per unit charged on the post-tariff quantity imported."}]},{"id":"284027fd-10a6-4cee-8eaf-3aaa5f015baf","cardType":"basic","points":2,"front":"On a tariff diagram, which areas are pure deadweight welfare losses?","back":"

Production inefficiency triangle.
Consumption inefficiency triangle.

","mcqOptions":[{"text":"

Production inefficiency triangle.
Consumption inefficiency triangle.

","correct":true,"explanation":"The production triangle represents resources wasted through higher-cost domestic output, while the consumption triangle represents mutually beneficial consumption lost because the tariff raises price."},{"text":"

Producer surplus rectangle.
Tariff revenue rectangle.

","correct":false,"explanation":"Producer surplus and tariff revenue are transfers within the importing economy, not pure welfare losses. The deadweight losses are the production and consumption inefficiency triangles."},{"text":"

Consumer surplus triangle.
Import expenditure triangle.

","correct":false,"explanation":"The overall loss of consumer surplus includes transfers to producers and government, so it is not all deadweight loss. Only the production and consumption inefficiency triangles are pure losses."},{"text":"

Government revenue triangle.
Producer revenue triangle.

","correct":false,"explanation":"Government revenue and gains to domestic producers are redistributions rather than net welfare losses. The two deadweight losses are specifically production inefficiency and consumption inefficiency."}]},{"id":"7b3eb3e7-c93f-493d-955a-a77543e107bc","cardType":"cloze","points":null,"front":"The standard tariff diagram assumes the importing country is too small to affect the [ ].","back":"The standard tariff diagram assumes the importing country is too small to affect the world price.","mcqOptions":[{"text":"world price","correct":true,"explanation":"A small importing country has insufficient demand to influence international market conditions, so it takes the world price as given even after imposing a tariff."},{"text":"domestic price","correct":false,"explanation":"The tariff does affect the domestic price, which rises above the world price. The small-country assumption instead states that the country cannot affect the world price."},{"text":"tariff rate","correct":false,"explanation":"The government directly chooses the tariff rate, so this is not what the small-country assumption fixes. The assumption is that national import decisions cannot affect the world price."},{"text":"import quantity","correct":false,"explanation":"Import quantity changes after a tariff because domestic demand falls and domestic supply rises. What remains unaffected under the small-country assumption is the world price."}]},{"id":"91522d30-04f2-4f46-a80b-ff3f41c2b0d9","cardType":"basic","points":2,"front":"How does a quota raise the domestic price?","back":"It makes imports artificially scarce by legally limiting quantity.","mcqOptions":[{"text":"It makes imports artificially scarce by legally limiting quantity.","correct":true,"explanation":"A binding quota restricts import supply below the free-trade quantity. This artificial scarcity creates excess demand at the world price and pushes the domestic price upwards."},{"text":"It makes imports artificially abundant by legally increasing quantity.","correct":false,"explanation":"This reverses the mechanism of a quota, which restricts rather than expands imports. By making imports artificially scarce, a binding quota raises the domestic price."},{"text":"It makes exports artificially scarce by legally limiting quantity.","correct":false,"explanation":"This confuses an import quota with an export restriction. An import quota raises the domestic price by legally limiting imported quantity and making imports artificially scarce."},{"text":"It makes imports internationally cheaper by legally fixing prices.","correct":false,"explanation":"A quota limits quantity rather than directly fixing prices, and it normally raises the domestic price. The restricted supply makes imports artificially scarce in the domestic market."}]},{"id":"9f4800fe-b5ab-4182-a4e2-208108b6ab9a","cardType":"basic","points":1,"front":"How is quota rent calculated?","back":"Price gap × imported quantity allowed.","mcqOptions":[{"text":"Price gap × imported quantity allowed.","correct":true,"explanation":"Quota rent is the gain from buying imports at the world price and selling them at the higher domestic price, multiplied by the quantity permitted under the quota."},{"text":"World price × imported quantity allowed.","correct":false,"explanation":"This gives total spending on permitted imports at the world price, not quota rent. Rent equals the domestic-world price gap multiplied by the imported quantity allowed."},{"text":"Price gap × domestic quantity supplied.","correct":false,"explanation":"Using domestic output confuses quota rent with the value of local production. Quota rent applies only to permitted imports, so the price gap is multiplied by imported quantity allowed."},{"text":"Domestic price × imported quantity demanded.","correct":false,"explanation":"This calculates expenditure on imports at the domestic price rather than the surplus generated by the quota. Quota rent uses the price gap and the quantity actually allowed."}]},{"id":"4c3b52f6-5ceb-4d5c-abf1-24546f9cd4bd","cardType":"basic","points":3,"front":"What is the key revenue difference between a tariff and a quota?","back":"Tariff revenue usually goes to government; quota rent may go to licence holders.","mcqOptions":[{"text":"Tariff revenue usually goes to government; quota rent may go to licence holders.","correct":true,"explanation":"Tariffs generate tax receipts collected by the government, whereas import quotas create scarcity gains called quota rents, which accrue to whoever holds the import licences."},{"text":"Tariff revenue usually goes to licence holders; quota rent may go to government.","correct":false,"explanation":"This reverses the usual recipients. Tariff revenue is normally collected by government, while quota rents may accrue to the firms or individuals holding import licences."},{"text":"Tariff revenue usually goes to domestic producers; quota rent may go to consumers.","correct":false,"explanation":"Neither measure necessarily transfers all revenue to domestic producers. Government normally receives tariff revenue, while quota rents may be captured by licence holders."},{"text":"Tariff revenue usually goes to exporters; quota rent may disappear entirely.","correct":false,"explanation":"A quota can generate a valuable scarcity rent rather than no revenue. Tariff receipts usually go to government, while quota rents may go to import licence holders."}]},{"id":"15bfd329-bd01-4304-85fd-989f098a5b9a","cardType":"basic","points":2,"front":"How does a producer subsidy reduce imports?","back":"It lowers costs, shifting domestic supply right/down and raising domestic output.","mcqOptions":[{"text":"It lowers costs, shifting domestic supply right/down and raising domestic output.","correct":true,"explanation":"A producer subsidy reduces domestic firms’ production costs, shifting domestic supply right or down. Domestic production consequently rises, replacing some goods that would otherwise be imported."},{"text":"It lowers costs, shifting domestic supply left/up and reducing domestic output.","correct":false,"explanation":"A leftward or upward supply shift represents higher production costs and would reduce domestic output. A subsidy instead lowers costs, shifts supply right or down, and displaces imports."},{"text":"It lowers costs, shifting domestic demand right/up and raising domestic consumption.","correct":false,"explanation":"A producer subsidy directly affects firms’ costs and domestic supply, not consumer preferences or demand. It shifts supply right or down, increasing domestic output and reducing imports."},{"text":"It lowers costs, shifting domestic supply right/down and reducing domestic output.","correct":false,"explanation":"Although the cost reduction is correctly identified, the output effect is reversed. Lower costs shift domestic supply right or down, so domestic production rises rather than falls."}]},{"id":"0da3852a-aebb-43ee-b399-af381a057d61","cardType":"basic","points":2,"front":"What cost does a subsidy hide compared with a tariff?","back":"Taxpayers fund it, creating an opportunity cost for public spending.","mcqOptions":[{"text":"Taxpayers fund it, creating an opportunity cost for public spending.","correct":true,"explanation":"Unlike a tariff, which raises government revenue, a subsidy requires government expenditure financed by taxation or borrowing. Those funds therefore cannot be used for alternative public priorities."},{"text":"Consumers fund it, creating an opportunity cost for household spending.","correct":false,"explanation":"Consumers may benefit from lower prices rather than funding the subsidy directly. Its hidden fiscal cost falls on taxpayers and sacrifices alternative uses of public money."},{"text":"Foreign firms fund it, creating an opportunity cost for overseas investment.","correct":false,"explanation":"Foreign producers do not normally finance a domestic producer subsidy. The government pays it using taxpayer resources, creating an opportunity cost for other public expenditure."},{"text":"Licence holders fund it, creating an opportunity cost for import spending.","correct":false,"explanation":"Licence holders are associated with quota rents, not the financing of producer subsidies. Taxpayers ultimately fund subsidies, diverting resources from other possible public spending."}]},{"id":"effac253-d23f-43c5-81be-8bff38d26e3f","cardType":"cloze","points":null,"front":"A depreciation is a currency fall under a [ ]; a devaluation is a fall under a [ ].","back":"A depreciation is a currency fall under a floating exchange rate; a devaluation is a fall under a fixed exchange rate.","mcqOptions":[{"text":"A depreciation is a currency fall under a floating exchange rate; a devaluation is a fall under a fixed exchange rate.","correct":true,"explanation":"Under a floating system, market forces can cause depreciation. Under a fixed system, an official decision to lower the currency’s set value is called devaluation."},{"text":"A depreciation is a currency fall under a fixed exchange rate; a devaluation is a fall under a floating exchange rate.","correct":false,"explanation":"The two systems have been reversed. A market-driven fall under a floating exchange rate is depreciation, while an officially imposed fall under a fixed exchange rate is devaluation."},{"text":"A depreciation is a currency fall under a floating exchange rate; a devaluation is a fall under an appreciating exchange rate.","correct":false,"explanation":"Appreciation describes a rise, not a system under which a currency fall occurs. Depreciation occurs under a floating rate, while devaluation occurs under a fixed rate."},{"text":"A depreciation is a currency fall under a revalued exchange rate; a devaluation is a fall under a fixed exchange rate.","correct":false,"explanation":"Revaluation is an official rise in a fixed currency’s value, so it cannot define the setting for depreciation. Depreciation belongs to floating rates and devaluation to fixed rates."}]},{"id":"0cdfca13-e84f-43bb-9af3-f9b298470a38","cardType":"basic","points":2,"front":"How can an artificially low exchange rate act like protectionism?","back":"Exports become cheaper abroad and imports become more expensive at home.","mcqOptions":[{"text":"Exports become cheaper abroad and imports become more expensive at home.","correct":true,"explanation":"An undervalued currency reduces foreign-currency prices of exports while increasing domestic-currency prices of imports. This favours domestic producers in both export and home markets."},{"text":"Exports become more expensive abroad and imports become cheaper at home.","correct":false,"explanation":"This describes the effects of a stronger currency rather than an artificially low one. A low exchange rate makes exports cheaper abroad and imports more expensive domestically."},{"text":"Exports become more expensive abroad and imports become more expensive at home.","correct":false,"explanation":"The export effect is reversed. A low currency value makes domestic exports cheaper to foreign buyers, while making imported goods more expensive for domestic consumers."},{"text":"Exports become cheaper abroad and imports become cheaper at home.","correct":false,"explanation":"The import effect is reversed. Currency weakness raises the domestic price of imports while lowering the foreign-currency price of the country’s exports."}]},{"id":"be667479-68a0-4d8f-bd72-fed13bdfc073","cardType":"basic","points":2,"front":"What UK factors limit exchange-rate manipulation?","back":"Sterling floats and the Bank of England is operationally independent.","mcqOptions":[{"text":"Sterling floats and the Bank of England is operationally independent.","correct":true,"explanation":"The pound’s market-determined exchange rate limits direct government control, while the Bank of England’s operational independence constrains the use of monetary policy to target currency competitiveness."},{"text":"Sterling is fixed and the Bank of England follows direct government orders.","correct":false,"explanation":"Sterling is not maintained at an official fixed rate, and the Bank has operational independence over monetary policy. These features restrict deliberate exchange-rate manipulation."},{"text":"Sterling is fixed and the Bank of England is operationally independent.","correct":false,"explanation":"Although the Bank’s operational independence is correctly stated, sterling is not fixed. Its floating value makes sustained official undervaluation more difficult to engineer."},{"text":"Sterling floats and the Bank of England follows direct government orders.","correct":false,"explanation":"Sterling does float, but the Bank does not simply implement direct government exchange-rate orders. Its operational independence is an important institutional constraint on manipulation."}]},{"id":"dd9845f1-c4b0-4888-a454-b00e1f1e7f0a","cardType":"basic","points":2,"front":"When do non-tariff regulations become protectionist?","back":"When unnecessarily complex, discriminatory or mainly designed to exclude foreign competition.","mcqOptions":[{"text":"When unnecessarily complex, discriminatory or mainly designed to exclude foreign competition.","correct":true,"explanation":"Regulation becomes protectionist when its burden exceeds legitimate policy needs, treats foreign suppliers unfavourably, or is principally intended to obstruct their access to the domestic market."},{"text":"When transparent, proportionate and applied equally to domestic and foreign firms.","correct":false,"explanation":"Transparent, proportionate and equally applied rules pursue legitimate standards rather than discriminating against imports. Protectionism arises when regulations unnecessarily obstruct or exclude foreign competitors."},{"text":"When mutually recognised, simplified or mainly designed to encourage foreign competition.","correct":false,"explanation":"Mutual recognition and simplified compliance reduce trade barriers rather than create protectionism. Regulations become protectionist when they are needlessly complex, discriminatory or designed to exclude foreign competition."},{"text":"When evidence-based, non-discriminatory or mainly designed to protect consumer safety.","correct":false,"explanation":"Evidence-based rules serving genuine safety aims are not protectionist merely because firms must comply. The concern is unnecessary complexity, discrimination or an exclusionary purpose."}]},{"id":"98528f94-c34e-4cd6-8977-1b98ad90c5be","cardType":"basic","points":2,"front":"Why does protectionism weaken gains from comparative advantage?","back":"Resources stay in high-cost domestic industries instead of moving to efficient uses.","mcqOptions":[{"text":"Resources stay in high-cost domestic industries instead of moving to efficient uses.","correct":true,"explanation":"Trade barriers shelter relatively inefficient domestic production, preventing labour and capital from reallocating according to comparative advantage. This reduces specialisation and the resulting gains from trade."},{"text":"Resources move from high-cost domestic industries towards more efficient uses.","correct":false,"explanation":"Moving resources from high-cost industries to efficient uses would strengthen comparative advantage. Protectionism does the opposite by sheltering inefficient domestic sectors from international competition."},{"text":"Resources stay in low-cost foreign industries instead of moving to domestic uses.","correct":false,"explanation":"Comparative advantage does not require resources to remain in the least costly foreign industries. Protectionism weakens gains by trapping domestic resources in relatively high-cost production."},{"text":"Resources stay in efficient domestic industries instead of moving to high-cost uses.","correct":false,"explanation":"Protecting already efficient uses would not capture the main allocative loss. Trade barriers preserve high-cost domestic industries and prevent resources moving towards more productive activities."}]},{"id":"3af24a35-7fd6-4d77-82d4-7a1a572360c6","cardType":"basic","points":3,"front":"Why might protectionism fail to fix a trade deficit?","back":"

Imports may be price inelastic in the short run.
Retaliation may reduce exports.
Firms may rely on imported inputs.

","mcqOptions":[{"text":"

Imports may be price inelastic in the short run.
Retaliation may reduce exports.
Firms may rely on imported inputs.

","correct":true,"explanation":"Price-inelastic import demand limits the fall in import spending, retaliation damages export revenue, and costlier imported inputs weaken domestic firms. Each effect can prevent protectionism from improving the trade balance."},{"text":"

Imports may be price elastic in the short run.
Trading partners may avoid retaliation.
Firms may source inputs domestically.

","correct":false,"explanation":"These conditions would make protectionism more likely to reduce a trade deficit. Failure is more likely when imports are price inelastic, retaliation reduces exports, and firms depend on imported inputs."},{"text":"

Tariffs may reduce import volumes in the short run.
Quotas may restrict imports.
Domestic firms may gain market share.

","correct":false,"explanation":"These are mechanisms through which protectionism could reduce imports and improve the trade balance. It may fail instead because demand is inelastic, exports face retaliation, or production requires imported inputs."},{"text":"

Government may receive tariff revenue in the short run.
Infant industries may expand output.
Employment may rise in protected sectors.

","correct":false,"explanation":"These are possible domestic benefits of protectionism, not reasons it fails to correct a trade deficit. The deficit may persist when import spending remains high or export revenue falls."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Component 1"},"heading":"Protectionism","title":"Protectionism Flashcards","topbar":{"backHref":"/a-level/economics/eduqas/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"a0660bae-60b8-5b6c-a31e-08de0669cc44","walled":"$L39"}],"$L3a","$L3b"]