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What 5 non-tariff trade barriers exist?
- Persistent Dumping
- Predatory Dumping
- Sporadic Dumping
- International Cartel
- Voluntary Export Restraint
Which is most effective for terms of trade: free trade, tariff, or subsidies? Graph and describe the outcome of each to illustrate their effects.
Subsidies are most effective
(See Graph)
What is the downside to only producing for exports? How will diversification be better for a country?
Disadvantages Of Export Only:
- financial management
- strain on resources
- exchange rate fluctuation
- misinformed customer demand
They will be able to benefit from balanced trade with other economies which might have a surplus in a particular commodity
What are some arguments for protectionism? And, in what ways must they be qualified?
Infant Industry Argument
Qualifications:
- argument is more justified for developing nations than industrial ones
- difficult to identify which industry qualifies for treatment
- what trade protection can do, a production subsidy to the infant industry can do better
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