POLI 105 VCU SALADINO NEWEST ACTUAL FINAL EXAM WITH
QUESTIONS AND CORRECT ANSWERS/ VERIFIED/GRADED A+/
Dumping
selling products in a foreign country at lower prices than those
charged in the producing country
Economic Nationalism
an emphasis on domestic control and protection of the
economy. (ie. "buy American")
Japanese Case Study
used protectionist policies to grow infant industries,
established itself in the market, the voted to make
protectionist policy illegal to ensure that no other countries
could overtake their new industry.
Globalization
the expansion of free trade everywhere, by opening up all
markets and states to the global economy-- sell the products
and ideas of the world and every state
1|Page
,Anti-Globalization Protests
1. Began with WTO meeting in Seattle (Nov. 2009)
2. Several protests have been staged at major international
meetings
3. Anti sweatshop campaigns
Market
exchange of goods, services, and payments
Liberalism
primary policy- free trade
no state interference with markets (ideally)
Reduce barriers to the market (ie. tariffs)
Comparative advantage
-Adam Smith "Wealth of Nations"
comparative advantage
The ability of a country to produce a good at a lower cost than
another country can. (determined by market- Not State)
2|Page
, Mercantilism
an economic system (Europe in 18th C) to increase a nation's
wealth by government regulation of all of the nation's
commercial interests.
*Tariffs and other barriers used by governments to control
market
Difference between Liberalism and Mercantilism
The role of the state:
mercantilism- state controls economics
liberalism- economics run the state
Protectionism
the practice or policy of shielding one or more industries
within a country's economy from foreign competition through
the use of tariffs, subsidies or quotas.
- to protect infant industries, national security or in response
to dumping
Biggest problems with free trade
agriculture, intellectual property rights, service sectors
policies
3|Page
QUESTIONS AND CORRECT ANSWERS/ VERIFIED/GRADED A+/
Dumping
selling products in a foreign country at lower prices than those
charged in the producing country
Economic Nationalism
an emphasis on domestic control and protection of the
economy. (ie. "buy American")
Japanese Case Study
used protectionist policies to grow infant industries,
established itself in the market, the voted to make
protectionist policy illegal to ensure that no other countries
could overtake their new industry.
Globalization
the expansion of free trade everywhere, by opening up all
markets and states to the global economy-- sell the products
and ideas of the world and every state
1|Page
,Anti-Globalization Protests
1. Began with WTO meeting in Seattle (Nov. 2009)
2. Several protests have been staged at major international
meetings
3. Anti sweatshop campaigns
Market
exchange of goods, services, and payments
Liberalism
primary policy- free trade
no state interference with markets (ideally)
Reduce barriers to the market (ie. tariffs)
Comparative advantage
-Adam Smith "Wealth of Nations"
comparative advantage
The ability of a country to produce a good at a lower cost than
another country can. (determined by market- Not State)
2|Page
, Mercantilism
an economic system (Europe in 18th C) to increase a nation's
wealth by government regulation of all of the nation's
commercial interests.
*Tariffs and other barriers used by governments to control
market
Difference between Liberalism and Mercantilism
The role of the state:
mercantilism- state controls economics
liberalism- economics run the state
Protectionism
the practice or policy of shielding one or more industries
within a country's economy from foreign competition through
the use of tariffs, subsidies or quotas.
- to protect infant industries, national security or in response
to dumping
Biggest problems with free trade
agriculture, intellectual property rights, service sectors
policies
3|Page
