Question

Match each scenario with the economic concept it describes.

A.)dumping
B.)tariff
C.)quota
___________________________________________
1.)To protect its plastic industry from
foreign competition, country A
raises taxes on plastic imports.

2.)Country A decides that it will allow
only 500,000 tons of rice to be
imported per year so demand
for local produce doesn’t fall too much.

3.)Because of subsidization and improving
technologies, country A is able to grow
large quantities of corn. It exports corn
to country B at prices below normal value.

Answer 1

B matches with 1, C matches with 2 and A matches with 3. A tariff is a tax or duty that gets paid when people are importing or exporting, so raising taxes on plastic imports to protect your country's industry is a tariff. Only allowing a certain amount of a substance to be imported introduces a quota. Dumping is where prices are kept lower than in the home market by foreign importers which removes local competition.

Answer 2

The correct matches for the given list is as follows A) Dumping - 3, B) Tariff- 1, C)Quota- 2.

What do you mean by Dumping, Quota and Tariff?

When a country exports it's product to another country with the amount that is lower in the foreign market, it is known as Dumping.

Quota is something that restricts the import of goods and product from another country.

Tariff is the amount, usually charged on the import of the goods.

Learn more about the dumping and quota here:-

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