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Protectionism: Quiz

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Question 1: During that time, ________ famously warned against the 'interested sophistry' of industry, seeking to gain advantage at the cost of the consumers.
Immanuel KantDavid HumeAdam SmithJeremy Bentham

Question 2: Export ________: Export subsidies are often used by governments to increase exports.
Supply and demandSubsidyDumping (pricing policy)Market failure

Question 3: Heads of the ________ at their recent London summit pledged to abstain from imposing any trade protectionist measures.
G8G-20 major economies2009 G-20 London SummitBRIC

Question 4: According to ________, "When goods cannot cross borders, armies will."
Frédéric BastiatLiberalismClassical liberalismFriedrich von Hayek

Question 5: ________ manipulation: A government may intervene in the foreign exchange market to lower the value of its currency by selling its currency in the foreign exchange market.
Foreign exchange reservesExchange rateCurrency pairFixed exchange rate

Question 6: regarding ________, environmental standards, electrical safety, etc.) as a way to introduce barriers to imports.
Acceptable daily intakeFood safetyFoodborne illnessLead poisoning

Question 7: The term is mostly used in the context of ________, where protectionism refers to policies or doctrines which protect businesses and workers within a country by restricting or regulating trade with foreign nations.
MoneyKeynesian economicsEconomicsHeterodox economics

Question 8: However, such a policy is only effective in the short run, as it will most likely lead to ________ in the country, which will in turn raise the cost of exports, and reduce the relative price of imports.
InflationEconomicsMoneyKeynesian economics

Question 9: Historically, protectionism was associated with economic theories such as mercantilism (that believed that it is beneficial to maintain a positive trade balance), and ________.
International tradeInternational Monetary FundImport substitution industrializationTrade bloc

Question 10: Doing so will raise the cost of imports and lower the cost of exports, leading to an improvement in its ________.
GlobalizationInternational Monetary FundBalance of tradeInternational trade







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