Explain the difference between an import tariff and an import quota and consider why a government would choose an import tariff rather than an import quota as a tool of protection in international trade.
Exam No：9708_w23_qp_21 Year：2023 Question No：5(a)
Answer:
Knowledge points:
6.2.1 meaning of protectionism in the context of international trade
6.2.2.1 tariffs
6.2.2.2 import quotas
6.2.2.3 export subsidies
6.2.2.4 embargoes
6.2.2.5 excessive administrative burdens (‘red tape’)
6.2.3 arguments for and against protectionism
Solution:
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