Protectionist Policies

question 159

Multiple Choice

Protectionist policies:

• A) restrict the importation of foreign goods and services.
• B) shift the supply curves for the protected goods and services to the right in the country imposing the restriction.
• C) generally result in increased benefits in the long run in all countries.
• D) are no longer advocated by powerful interests.

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Definitions:

Cartel

An association of independent companies or organizations that agree to limit competition between themselves, often to control prices and production.

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition and potentially higher prices for consumers.

Cartels

An association of independent firms or individuals that works together to control prices, limit supply, or restrict competition in a particular market, often illegally.

Cartels

Groups of independent market participants who collude to control prices and output in a particular market, typically to restrict competition.