diagram, show the impact of increasing standards on a low-income exporter of toys. Show the tariff's

impact. Is the effect on toy prices the same or different? Why is a standards policy preferred to tariffs?

15. What is the difference between a free trade association, a common market, and an economic union?

16. Why would countries promote protectionist laws, while also negotiate for freer trade internationally?

17. What might account for the dramatic increase in international trade over the past 50 years?

18. How does competition, whether domestic or foreign, harm businesses?

19. What are the gains from competition?

Review Questions

20. Who does protectionism protect? From what does it protect them?

21. Name and define three policy tools for enacting protectionism.

22. How does protectionism affect the price of the protected good in the domestic market?

23. Does international trade, taken as a whole, increase the total number of jobs, decrease the total number of
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