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tariff is a tax on imports, so importers face higher costs and pass these on through a higher domestic price."},{"text":"Lower domestic price for imported goods.","correct":false,"explanation":"A tariff raises importers’ costs rather than reducing them, so the correct effect is a higher domestic price for imported goods."},{"text":"Unchanged domestic price for imported goods.","correct":false,"explanation":"With a tariff, imported goods become more expensive immediately; the correct effect is a higher domestic price, unless foreign exporters absorb the entire tax."},{"text":"Higher foreign price for imported goods.","correct":false,"explanation":"The tariff is imposed within the importing country and raises its domestic price, not necessarily the foreign producer’s selling price."}]},{"id":"f3afa9cb-316f-485e-b2b8-809f78dc8287","cardType":"basic","points":2,"front":"Why can a tariff increase demand for home-produced goods?","back":"Consumers switch towards domestically produced substitutes.","mcqOptions":[{"text":"Consumers switch towards domestically produced substitutes.","correct":true,"explanation":"By raising the price of imported goods, a tariff makes competing home-produced substitutes relatively cheaper, encouraging consumers to buy more of them."},{"text":"Consumers switch towards imported substitutes.","correct":false,"explanation":"A tariff makes imports relatively less attractive, so consumers switch towards domestically produced substitutes rather than imported alternatives."},{"text":"Consumers switch towards luxury goods.","correct":false,"explanation":"The key response is substitution away from tariff-affected imports towards domestic alternatives, not a general shift towards luxury goods."},{"text":"Consumers switch towards complementary goods.","correct":false,"explanation":"Complements are consumed together with another product; the tariff instead encourages substitution towards domestically produced goods competing with imports."}]},{"id":"062d650b-3317-4002-9f99-14a01ff34068","cardType":"basic","points":2,"front":"Why does a tariff reduce the quantity imported?","back":"It reduces imports by raising price and reducing demand while increasing home supply.","mcqOptions":[{"text":"It reduces imports by raising price and reducing demand while increasing home supply.","correct":true,"explanation":"The tariff raises the domestic price, causing consumers to demand fewer imports while domestic producers supply more, so the quantity imported falls."},{"text":"It increases imports by lowering price and raising demand while reducing home supply.","correct":false,"explanation":"This reverses the tariff’s effects: a tariff raises price, reduces demand, and encourages home supply, which reduces rather than increases imports."},{"text":"It reduces imports by lowering price and increasing demand while increasing home supply.","correct":false,"explanation":"Lower prices and higher demand would tend to increase import 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revenue."},{"text":"The domestic consumers receive the tariff revenue.","correct":false,"explanation":"Consumers generally pay the higher tariff-inclusive price; the government, rather than consumers, receives the tax revenue."},{"text":"The domestic producers receive the tariff revenue.","correct":false,"explanation":"Domestic producers may gain from higher prices and increased sales, but the tariff revenue itself is collected by the government."}]},{"id":"c83183a6-e540-4eb5-96f1-3a29ca9de016","cardType":"basic","points":1,"front":"What does an import quota directly restrict?","back":"It directly caps the physical quantity imported over a period.","mcqOptions":[{"text":"It directly caps the physical quantity imported over a period.","correct":true,"explanation":"An import quota sets a maximum physical amount of a good that may enter the country during a specified period."},{"text":"It directly caps the total value imported over a period.","correct":false,"explanation":"A quota normally limits units or physical quantity, whereas a direct cap on monetary value would be a different form of restriction."},{"text":"It directly caps the domestic price over a period.","correct":false,"explanation":"A quota restricts the amount imported; scarcity may then raise the domestic price, but the price is not what the quota directly caps."},{"text":"It directly caps the government revenue collected over a period.","correct":false,"explanation":"Unlike a tariff, a quota does not directly determine tax revenue; it limits physical imports and may create scarcity revenue for licence holders."}]},{"id":"bb93f95a-2ff0-4d6f-b46c-422aec3d3c03","cardType":"basic","points":2,"front":"Why does an import quota raise the domestic price?","back":"Restricted supply creates scarcity, pushing the domestic price up until demand matches permitted supply.","mcqOptions":[{"text":"Restricted supply creates scarcity, pushing the domestic price up until demand matches permitted 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The price rises until quantity demanded equals the permitted supply."},{"text":"Restricted supply creates surplus, pushing the domestic price down until demand matches permitted supply.","correct":false,"explanation":"A quota creates scarcity rather than surplus because fewer goods are available; the resulting price rises until demand matches permitted supply."},{"text":"Expanded supply creates scarcity, pushing the domestic price up until demand matches permitted supply.","correct":false,"explanation":"A quota restricts rather than expands supply. Its scarcity effect raises the domestic price until the market clears at the permitted quantity."},{"text":"Restricted supply creates scarcity, pushing the domestic price down until demand exceeds permitted supply.","correct":false,"explanation":"Scarcity normally raises price, reducing demand until it equals permitted supply; allowing demand to exceed supply would not describe market equilibrium."}]},{"id":"500af9c5-3e49-458f-86a7-3415fc6d7ac2","cardType":"basic","points":1,"front":"Who receives the extra revenue created by a quota?","back":"Importers holding licences receive the scarcity gain, not the government.","mcqOptions":[{"text":"Importers holding licences receive the scarcity gain, not the government.","correct":true,"explanation":"A quota can raise the domestic price above the world price, creating quota rent. Importers with licences typically capture this scarcity gain rather than the government."},{"text":"The government receives the scarcity gain, not licensed importers.","correct":false,"explanation":"The government automatically receives tariff revenue, but a quota’s scarcity gain generally goes to importers holding licences unless licences are auctioned."},{"text":"Domestic consumers receive the scarcity gain, not licensed importers.","correct":false,"explanation":"Consumers usually lose from the higher quota price; importers with licences can capture the resulting scarcity gain."},{"text":"Foreign producers receive the scarcity gain, not licensed importers.","correct":false,"explanation":"Foreign producers may benefit from higher prices in some circumstances, but the standard quota rent is captured by importers holding licences."}]},{"id":"d46b198f-4758-4db6-9c22-7cab58ded0be","cardType":"basic","points":2,"front":"How does an export subsidy help domestic producers abroad?","back":"It lowers exporters' costs, allowing them to undercut foreign rivals and gain market share.","mcqOptions":[{"text":"It lowers exporters' costs, allowing them to undercut foreign rivals and gain market share.","correct":true,"explanation":"An export subsidy reduces domestic firms’ costs in overseas markets, enabling lower prices than rivals and helping those firms increase their market share."},{"text":"It raises exporters' costs, allowing them to undercut foreign rivals and gain market share.","correct":false,"explanation":"A subsidy lowers rather than raises exporters’ costs; this cost reduction enables them to undercut foreign rivals and gain market share."},{"text":"It lowers exporters' costs, allowing them to match foreign rivals and lose market share.","correct":false,"explanation":"Lower costs usually improve firms’ competitiveness, allowing them to undercut rivals and gain market share rather than merely match prices and lose sales."},{"text":"It lowers exporters' costs, allowing them to undercut domestic rivals and gain market share.","correct":false,"explanation":"The subsidy improves competitiveness in foreign markets, where domestic exporters compete against foreign rivals, not primarily against domestic rivals."}]},{"id":"6a1e1fc0-5545-4a64-a026-6958a53af693","cardType":"basic","points":2,"front":"What is the effect and usual purpose of an embargo?","back":"An embargo stops trade completely, usually for political or security reasons.","mcqOptions":[{"text":"An embargo stops trade completely, usually for political or security reasons.","correct":true,"explanation":"An embargo is a complete ban on trade with a country, commonly imposed to apply political pressure or address security concerns."},{"text":"An embargo raises import prices, usually to protect domestic producers from foreign competition.","correct":false,"explanation":"This describes a tariff more closely, because tariffs raise import prices while allowing trade to continue. An embargo stops trade completely, usually for political or security reasons."},{"text":"An embargo limits imports to a fixed quantity, usually to reduce pressure on domestic firms.","correct":false,"explanation":"A fixed quantity limit is an import quota, not an embargo. An embargo is a complete prohibition of trade, usually introduced for political or security reasons."},{"text":"An embargo subsidises exports, usually to improve the country’s trade balance.","correct":false,"explanation":"An export subsidy encourages overseas sales rather than stopping trade. An embargo completely bans trade, generally because of political or security objectives."}]},{"id":"c0f900bd-b944-4a74-b69b-a36dd64c9645","cardType":"basic","points":2,"front":"How does red tape restrict imports?","back":"It uses safety, labelling or licensing rules to make imports slower and more costly.","mcqOptions":[{"text":"It uses safety, labelling or licensing rules to make imports slower and more costly.","correct":true,"explanation":"Red tape creates administrative and regulatory barriers, so importers face extra procedures, delays and expenses even when no direct tax is charged."},{"text":"It uses safety, labelling or licensing rules to make imports faster and less costly.","correct":false,"explanation":"Simplifying procedures would encourage imports rather than restrict them. Red tape makes imports slower and more costly through additional checks, paperwork and compliance requirements."},{"text":"It uses safety, labelling or licensing rules to make imports scarcer and more profitable.","correct":false,"explanation":"Red tape can reduce import supply, but it does not directly guarantee greater importer profits. Its restrictive effect is making imports slower and more costly."},{"text":"It uses safety, labelling or licensing rules to make imports cheaper and more competitive.","correct":false,"explanation":"Lower costs would make imports more competitive, which is the opposite of red tape’s effect. Additional rules and paperwork make imports slower and more costly."}]},{"id":"af38d9fd-6171-49a5-afc9-3754f9b5fba3","cardType":"basic","points":1,"front":"What should the two axes show on a tariff diagram?","back":"The vertical axis shows price; the horizontal axis shows quantity.","mcqOptions":[{"text":"The vertical axis shows price; the horizontal axis shows quantity.","correct":true,"explanation":"Tariff diagrams use the vertical axis for price and the horizontal axis for quantity, allowing changes in domestic prices, production, consumption and imports to be shown."},{"text":"The vertical axis shows quantity; the horizontal axis shows price.","correct":false,"explanation":"This reverses the conventional axes used in a tariff diagram. Price is shown vertically, while quantity is shown horizontally so market quantities can be compared at each price."},{"text":"The vertical axis shows imports; the horizontal axis shows price.","correct":false,"explanation":"Imports are represented by a horizontal distance between domestic demand and supply, not by the vertical axis. The vertical axis shows price and the horizontal axis shows quantity."},{"text":"The vertical axis shows cost; the horizontal axis shows domestic production.","correct":false,"explanation":"A standard tariff diagram needs general price and quantity axes to show market equilibrium and trade. Domestic production is one quantity measured on the horizontal axis, not its own axis."}]},{"id":"61b85950-0de4-4652-a8fd-b037e39f6c4d","cardType":"basic","points":2,"front":"How is the tariff revenue rectangle calculated on a tariff diagram?","back":"The revenue rectangle equals tariff per unit × imports still imported.","mcqOptions":[{"text":"The revenue rectangle equals tariff per unit × imports still imported.","correct":true,"explanation":"Government tariff revenue is the tax charged on each imported unit multiplied by the number of units that continue to be imported after the tariff."},{"text":"The revenue rectangle equals tariff per unit × domestic production.","correct":false,"explanation":"Domestic production does not generate tariff revenue because the tariff is charged only on imports. The rectangle equals tariff per unit multiplied by imports still imported."},{"text":"The revenue rectangle equals tariff per unit × total domestic demand.","correct":false,"explanation":"The tariff applies only to imported units, not every unit demanded domestically. Revenue therefore uses the quantity of imports still imported after the tariff."},{"text":"The revenue rectangle equals world price × imports still imported.","correct":false,"explanation":"The world price measures the underlying import value, not the government’s tax receipt. Tariff revenue uses the additional tariff per unit multiplied by remaining imports."}]},{"id":"c90f97c9-f77b-4735-8459-d34d77a1ddbe","cardType":"basic","points":2,"front":"What do the two welfare-loss triangles on a tariff diagram represent?","back":"They show deadweight welfare loss from inefficient extra home production and lost consumption.","mcqOptions":[{"text":"They show deadweight welfare loss from inefficient extra home production and lost consumption.","correct":true,"explanation":"The two triangles represent deadweight loss: one comes from producing extra units domestically at higher cost, and the other from consumption lost because the tariff raises price."},{"text":"They show government tariff revenue from imported goods and domestic production.","correct":false,"explanation":"Government tariff revenue is shown by the rectangle, calculated as the tariff per unit multiplied by remaining imports. The triangles show deadweight welfare loss instead."},{"text":"They show higher producer surplus from protected domestic firms and increased output.","correct":false,"explanation":"Domestic producers do gain surplus from protection, represented by a transfer area rather than both triangles. The triangles show efficiency losses from extra production and reduced consumption."},{"text":"They show foreign producer surplus from selling imports at a higher domestic price.","correct":false,"explanation":"Foreign producers do not receive the domestic tariff increase in the standard small-country model. The triangles represent deadweight welfare loss caused by inefficient production and lost consumption."}]},{"id":"ce1216ea-ff3b-40e4-ae83-4b5bd8052de5","cardType":"basic","points":3,"front":"How does a tariff differ from a quota in who captures the higher-price gain?","back":"Both raise domestic prices and reduce imports, but a tariff gives revenue to the government while a quota gives the scarcity gain to licence holders.","mcqOptions":[{"text":"Both raise domestic prices and reduce imports, but a tariff gives revenue to the government while a quota gives the scarcity gain to licence holders.","correct":true,"explanation":"Both policies restrict imports and raise the domestic price. A tariff creates government revenue, whereas a quota creates quota rent, usually captured by import licence holders."},{"text":"Both raise domestic prices and reduce imports, but a tariff gives the scarcity gain to licence holders while a quota gives revenue to the government.","correct":false,"explanation":"This reverses who receives the gain from restriction. Tariffs generate government revenue, while quotas generate scarcity rents for licence holders or whoever controls the licences."},{"text":"Both lower domestic prices and increase imports, but a tariff gives revenue to the government while a quota gives the scarcity gain to licence holders.","correct":false,"explanation":"Tariffs and quotas are protectionist measures that restrict supply and normally raise domestic prices. Their key distributional difference is government revenue under a tariff and quota rent under a quota."},{"text":"Both raise domestic prices and reduce imports, but a tariff gives the scarcity gain to consumers while a quota gives revenue to exporters.","correct":false,"explanation":"Consumers generally lose from the higher price, rather than receiving the scarcity gain. Tariffs provide revenue to government, while quotas usually create rent for licence holders."}]},{"id":"f02c0ec8-c943-45a6-8113-4cf4f04cb6e7","cardType":"cloze","points":null,"front":"At the world price of £10, domestic supply is 40 units and demand is 100 units, so imports are [ ].","back":"At the world price of £10, domestic supply is 40 units and demand is 100 units, so imports are 60 units.","mcqOptions":[{"text":"60 units","correct":true,"explanation":"Imports equal domestic demand minus domestic supply: 100 units - 40 units = 60 units. The difference must be supplied by foreign producers at the world price."},{"text":"40 units","correct":false,"explanation":"This uses domestic supply alone and ignores the quantity demanded. Imports are the shortfall between demand and supply: 100 units - 40 units = 60 units."},{"text":"100 units","correct":false,"explanation":"This uses total domestic demand as though all demanded goods were imported. Domestic firms supply 40 units, so imports are only the remaining 60 units."},{"text":"140 units","correct":false,"explanation":"Adding supply and demand double-counts quantities that are not both imports. Imports are calculated by subtracting supply from demand, giving 100 - 40 = 60 units."}]},{"id":"a87d64f9-f7b0-4550-94b7-e17303aca426","cardType":"cloze","points":null,"front":"A £2 tariff on a £10 import has a tariff rate of $\\text{[...]}$.","back":"A £2 tariff on a £10 import has a tariff rate of $\\boxed{20\\%}$.","mcqOptions":[{"text":"$$20\\%$","correct":true,"explanation":"The tariff rate is the tariff divided by the original import price, multiplied by 100: £2 / £10 × 100 = 20%."},{"text":"$$2\\%$","correct":false,"explanation":"This treats the £2 tariff amount as though it were already a percentage. Dividing the tariff by the £10 import price gives 0.2, or 20%."},{"text":"$$12\\%$","correct":false,"explanation":"Adding the tariff and import price produces £12, but that total is not the tariff rate. The rate is £2 divided by £10, which equals 20%."},{"text":"$$200\\%$","correct":false,"explanation":"This divides the tariff by one rather than by the original £10 price, overstating the rate. The correct calculation is £2 / £10 × 100 = 20%."}]},{"id":"107a9e9a-d396-480a-b2ba-75b8d9af3486","cardType":"cloze","points":null,"front":"After the tariff, 40 units remain imported, so tariff revenue is $2 \\times 40 = \\text{[...]}$.","back":"After the tariff, 40 units remain imported, so tariff revenue is $2 \\times 40 = \\boxed{£80}$.","mcqOptions":[{"text":"$$£80$","correct":true,"explanation":"Multiplying the £2 tariff by the 40 imported units gives £80 of tariff revenue. Revenue depends on the tariff per unit and the quantity of imports after the tariff."},{"text":"$$£40$","correct":false,"explanation":"£40 results from using £1 rather than £2 as the tariff per unit. The correct calculation is £2 multiplied by 40 imported units, giving £80."},{"text":"$$£100$","correct":false,"explanation":"£100 comes from multiplying the £2 tariff by the original 50 units supplied domestically, rather than the 40 units still imported. Tariff revenue is £80."},{"text":"$$£120$","correct":false,"explanation":"£120 uses the £2 tariff with 60 units, confusing the post-tariff import quantity with another quantity in the market. Revenue is based on 40 imports, so it is £80."}]},{"id":"6f226858-beea-4e5d-bd45-a7fd51cb02e2","cardType":"cloze","points":null,"front":"A tariff leaves two [ ] triangles.","back":"A tariff leaves two deadweight welfare loss triangles.","mcqOptions":[{"text":"deadweight welfare loss","correct":true,"explanation":"The two triangles represent deadweight welfare loss: the tariff creates allocative inefficiency by reducing mutually beneficial trade and distorting domestic production and consumption decisions."},{"text":"consumer surplus gain","correct":false,"explanation":"Consumers lose surplus when the tariff raises the domestic price, rather than gaining it. The triangles show deadweight welfare loss caused by inefficient production and reduced consumption."},{"text":"tariff revenue","correct":false,"explanation":"Tariff revenue is shown as a rectangle, calculated from the tariff per unit multiplied by imports. The two triangles are deadweight welfare loss from market distortions."},{"text":"producer surplus loss","correct":false,"explanation":"Domestic producers generally gain surplus because the tariff raises the price and encourages greater home production. The two triangles instead represent deadweight welfare loss."}]},{"id":"7dea2c8f-f390-492e-bf6e-8bec9db0c431","cardType":"cloze","points":null,"front":"If import demand is inelastic, a tariff mainly [ ], while imports barely fall.","back":"If import demand is inelastic, a tariff mainly raises prices and revenue, while imports barely fall.","mcqOptions":[{"text":"raises prices and revenue","correct":true,"explanation":"With inelastic import demand, the quantity of imports changes little after the tariff. The higher price therefore produces substantial tariff revenue while imports barely fall."},{"text":"reduces prices and revenue","correct":false,"explanation":"A tariff raises the domestic price rather than reducing it, and the relatively stable import quantity supports revenue collection. The correct effect is that it raises prices and revenue."},{"text":"cuts imports sharply","correct":false,"explanation":"A sharp fall in imports is associated with elastic import demand, where buyers respond strongly to higher prices. Inelastic demand means a tariff mainly raises prices and revenue."},{"text":"eliminates tariff revenue","correct":false,"explanation":"Tariff revenue disappears only if imports fall to zero. With inelastic demand, imports barely fall, so the tariff mainly raises prices and revenue."}]},{"id":"b0be7673-8135-40f5-aba8-51a2b50a009c","cardType":"cloze","points":null,"front":"If import demand is inelastic, a tariff mainly raises prices and revenue, while imports [ ].","back":"If import demand is inelastic, a tariff mainly raises prices and revenue, while imports barely fall.","mcqOptions":[{"text":"barely fall","correct":true,"explanation":"Inelastic import demand means buyers are relatively unresponsive to the higher price caused by the tariff. Consequently, the quantity of imports decreases only slightly."},{"text":"fall sharply","correct":false,"explanation":"A sharp fall in imports would indicate elastic demand, not inelastic demand. When import demand is inelastic, higher prices cause imports to barely fall."},{"text":"rise substantially","correct":false,"explanation":"The tariff raises the domestic price, so it does not normally cause imports to rise. Inelastic demand means imports barely fall despite the higher price."},{"text":"remain exactly unchanged","correct":false,"explanation":"Inelastic demand means imports respond only weakly, not that they are completely unaffected. The expected result is that imports barely fall after the tariff."}]},{"id":"38f8c3b0-4db5-4da0-9842-855209ccdc99","cardType":"cloze","points":null,"front":"Over time, protection may reduce firms' incentive to [ ], while retaliation may cancel export gains.","back":"Over time, protection may reduce firms' incentive to cut costs and innovate, while retaliation may cancel export gains.","mcqOptions":[{"text":"cut costs and innovate","correct":true,"explanation":"Protection reduces competitive pressure from foreign firms, so domestic firms may become less motivated to improve efficiency. This can weaken their incentive to cut costs and innovate."},{"text":"raise productivity and compete","correct":false,"explanation":"Protection can reduce, rather than strengthen, competitive pressure and the incentive to improve productivity. The long-term concern is that firms may cut costs and innovate less."},{"text":"increase imports and specialise","correct":false,"explanation":"Protection makes imports less attractive by raising their price or restricting their quantity. The relevant long-term risk is reduced incentive for firms to cut costs and innovate."},{"text":"lower prices and expand choice","correct":false,"explanation":"Protection commonly raises domestic prices and can reduce consumer choice by limiting foreign competition. Over time, it may reduce firms' incentive to cut costs and innovate."}]},{"id":"01597781-f4bc-47ef-94f3-7fb0d6ff7030","cardType":"cloze","points":null,"front":"Over time, protection may reduce firms' incentive to cut costs and innovate, while retaliation may [ ].","back":"Over time, protection may reduce firms' incentive to cut costs and innovate, while retaliation may cancel export gains.","mcqOptions":[{"text":"cancel export gains","correct":true,"explanation":"Retaliation occurs when trading partners respond to protection with their own barriers. Those restrictions can reduce demand for exports, cancelling the gains expected from the original policy."},{"text":"increase export gains","correct":false,"explanation":"Retaliatory tariffs make it harder for domestic firms to sell abroad, so they are likely to reduce export benefits rather than increase them. They can cancel export gains."},{"text":"reduce import prices","correct":false,"explanation":"Retaliation targets the protecting country's exports, not necessarily the prices of its imports. Its main consequence is that foreign barriers may cancel export gains."},{"text":"remove domestic competition","correct":false,"explanation":"Domestic protection may reduce foreign competition at home, but retaliation acts through trade partners restricting exports. It may therefore cancel export gains."}]},{"id":"1f576467-fa26-45b3-a2ba-3e644a94b634","cardType":"basic","points":2,"front":"In the worked tariff example, why does home supply rise from 40 to 50 units?","back":"Domestic supply rises from 40 to 50 units because production becomes more profitable at the higher price.","mcqOptions":[{"text":"Domestic supply rises from 40 to 50 units because production becomes more profitable at the higher price.","correct":true,"explanation":"The £2 tariff raises the domestic price from £10 to £12. At this higher price, domestic firms can earn more per unit, so home supply increases from 40 to 50 units."},{"text":"Domestic supply rises from 40 to 50 units because imports become cheaper at the lower price.","correct":false,"explanation":"The tariff makes imports more expensive, not cheaper, and raises the domestic price. That higher price makes home production more profitable, causing domestic supply to rise from 40 to 50 units."},{"text":"Domestic supply falls from 50 to 40 units because production becomes less profitable at the higher price.","correct":false,"explanation":"A higher selling price normally increases the profitability of domestic production. The tariff therefore encourages supply to rise from 40 to 50 units, rather than fall."},{"text":"Domestic supply rises from 40 to 50 units because the tariff directly increases firms' productive capacity.","correct":false,"explanation":"A tariff does not immediately increase firms' physical productive capacity. Supply rises because the higher market price makes existing domestic production more profitable, moving it from 40 to 50 units."}]},{"id":"df7ac10d-9530-4d1e-a20f-8a7971a7b40c","cardType":"basic","points":1,"front":"What domestic price results from adding the £2 tariff in the worked example?","back":"The domestic price rises from £10 to £12.","mcqOptions":[{"text":"The domestic price rises from £10 to £12.","correct":true,"explanation":"Adding a £2 tariff to the £10 world price raises the domestic price to £12, assuming the tariff is fully reflected in the domestic market price."},{"text":"The domestic price rises from £10 to £11.","correct":false,"explanation":"£11 would result from adding only a £1 tariff to the £10 price. The worked example adds the full £2 tariff, so the domestic price rises to £12."},{"text":"The domestic price rises from £12 to £14.","correct":false,"explanation":"This applies the £2 tariff to the already tariff-inclusive price of £12, effectively counting the tariff twice. The correct change is from £10 to £12."},{"text":"The domestic price falls from £10 to £8.","correct":false,"explanation":"A tariff restricts or makes imports more expensive, putting upward pressure on the domestic price. Subtracting £2 reverses the tariff's effect; the price rises from £10 to £12."}]},{"id":"cbccd13e-c1a0-4f76-9b4e-46bb617455b4","cardType":"basic","points":3,"front":"Why is the best protection tool dependent on the policy objective?","back":"An embargo suits a security objective, an export subsidy targets foreign markets, and red tape is useful when restricting imports discreetly.","mcqOptions":[{"text":"An embargo suits a security objective, an export subsidy targets foreign markets, and red tape is useful when restricting imports discreetly.","correct":true,"explanation":"Different objectives call for different instruments: an embargo can address security concerns, an export subsidy improves overseas competitiveness, and administrative barriers can limit imports without openly announcing protection."},{"text":"An export subsidy suits a security objective, an embargo targets foreign markets, and red tape is useful when encouraging imports discreetly.","correct":false,"explanation":"This reverses the main roles of the policies. An embargo is suited to security aims, an export subsidy targets foreign markets, and red tape restricts imports rather than encouraging them."},{"text":"Red tape suits a security objective, an import quota targets foreign markets, and an embargo is useful when encouraging imports discreetly.","correct":false,"explanation":"Administrative restrictions are not primarily security instruments, while an embargo restricts trade rather than encouraging imports. The correct matching is embargo for security, export subsidy for foreign markets, and red tape for discreet import restriction."},{"text":"A tariff suits a security objective, red tape targets foreign markets, and an export subsidy is useful when restricting imports discreetly.","correct":false,"explanation":"A tariff is not specifically designed to meet security objectives, and an export subsidy promotes rather than restricts exports. The appropriate matches are embargo, export subsidy, and red tape respectively."}]},{"id":"9b4334ac-a87a-44ae-be4d-2710933fb1d4","cardType":"basic","points":2,"front":"Why may protection become less effective over time?","back":"Protection can shelter output and jobs in the short run, but later reduce efficiency and provoke retaliation.","mcqOptions":[{"text":"Protection can shelter output and jobs in the short run, but later reduce efficiency and provoke retaliation.","correct":true,"explanation":"Protection may initially preserve domestic production and employment, but reduced competitive pressure can lower efficiency over time, while trading partners may retaliate with their own barriers."},{"text":"Protection can reduce output and jobs in the short run, but later increase efficiency and prevent retaliation.","correct":false,"explanation":"This reverses the usual effects. Protection can support domestic output and employment initially, but it may weaken efficiency and encourage retaliation rather than preventing it."},{"text":"Protection can shelter output and jobs in the long run, but later reduce efficiency and eliminate retaliation.","correct":false,"explanation":"The initial support for output and employment is generally a short-run effect, not a guaranteed long-run outcome. Retaliation may increase as trading partners respond, rather than disappear."},{"text":"Protection can shelter output and jobs in the short run, but later increase efficiency and provoke retaliation.","correct":false,"explanation":"Retaliation is a valid concern, but protection normally reduces competitive pressure, giving firms less incentive to improve efficiency. Its longer-term problem is therefore falling efficiency, not rising efficiency."}]},{"id":"ff9e5167-c7a9-4dd6-8f83-f8d108abc7b6","cardType":"basic","points":3,"front":"Why is a tariff often considered the least distorting protection tool?","back":"A tariff is often least distorting because its revenue stays with the government rather than licence holders, although elasticity and retaliation still matter.","mcqOptions":[{"text":"A tariff is often least distorting because its revenue stays with the government rather than licence holders, although elasticity and retaliation still matter.","correct":true,"explanation":"Tariff revenue goes to the government, unlike quota rents that may benefit licence holders. The extent of distortion still depends on demand and supply elasticities and possible retaliation."},{"text":"A tariff is often least distorting because its revenue stays with consumers rather than the government, although elasticity and retaliation still matter.","correct":false,"explanation":"Consumers do not receive tariff revenue; the government collects it. Licence holders may gain quota rents, which is why a tariff can be less distorting, although elasticity and retaliation remain relevant."},{"text":"A tariff is often least distorting because its revenue stays with licence holders rather than the government, although elasticity and retaliation still matter.","correct":false,"explanation":"Licence holders are associated with quota rents, not tariff revenue. The government receives tariff revenue, making this comparison with licensing incorrect despite the valid importance of elasticity and retaliation."},{"text":"A tariff is often least distorting because it removes revenue from the government rather than licence holders, although elasticity and retaliation still matter.","correct":false,"explanation":"Tariffs generate revenue for the government rather than removing it. Confusing revenue collection with revenue loss reverses the reason tariffs may be less distorting than import licences."}]}]}],"examCountdown":null,"heading":"6.2.2 different tools of protection and their impact","title":"6.2.2 different tools of protection and their impact Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"fa61630d-d8a0-44ea-80e2-48afead18129","walled":"$L3a"}],"$L3b","$L3c"]