Question 4(a)
Using two tools of protection, explain what is meant by protectionism and consider the extent to which these two tools may benefit an economy.

Practise explaining protectionism, comparing policy tools and evaluating their effects on imports, prices, producers and consumers.
Using two tools of protection, explain what is meant by protectionism and consider the extent to which these two tools may benefit an economy.
Explain two tools of protection used by a country when trading internationally and consider whether one is likely to have more of an impact on the country's economy than the other.
Assess whether all consumers, all producers and the government in a country will benefit equally from protectionism.
In which economic context is the term 'protectionism' usually applied?
the protection of consumers against excessive prices
the protection of employees against exploitation by multinational companies
the protection of local producers against international competitors
the protection of the foreign exchange rate against currency speculators