Match each trade policy term with its meaning.

Match each trade policy term with its…

Question 39

MediumOriginal question

Match each trade policy term with its meaning.

List I	List II
A. Tariff	I. Making at home what was imported
B. Quota	II. A tax on imports
C. Import substitution	III. A trade policy that faces the home market
D. Inward-looking strategy	IV. A limit on the quantity imported

A-II, B-I, C-III, D-IVCorrect answerYour answerA-I, B-II, C-IV, D-IIICorrect answerYour answerA-II, B-IV, C-I, D-IIICorrect answerYour answerA-III, B-IV, C-I, D-IICorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer C

Correct answer: C

Tariffs and quotas were the tools of import substitution, the core of the inward-looking strategy.

Concept: Trade policy terms
Typical timeTypical: 90 s
Your timeYours: —

The rule this testsImport substitution, tariffs and quotas

Practise this chapter →

Ten questions from Industry & Trade, 1950–90, at your own pace.

Practise this chapter →

Ten questions from Industry & Trade, 1950–90, at your own pace.

Question 39

Explanation