Select the statement that indicates retaliatorySelect the statement that indicates retaliatory protectionism.Country X is nation Y’s biggest importer. Country X imports electronic items, automobile parts, and LCD televisions from nation Y. Nation Y imports precious metals, minerals, and agricultural products from country X. In 2010, country X imported 20,000 LCD TVs from nation Y. In 2013, country X began developing its own LCD TV manufacturing industry. That year, it asked nation Y to limit its LCD TV exports to 120,000 TVs. The TV manufacturing industry in nation Y suffered a setback, with revenue losses running into the billions. Soon after, nation Y increased tariffs on imports of precious metals from country X. Precious metal exporters in country X protest the raised tariff, but nation Y did not relent. To protect its precious metals industry, country X began negotiating deals with other countries. protectionism.
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Following are the types of protectionism:
- Tariffs: Tax on imports.
- Quotas: Deciding a limit on quantity of imports.
- Embargoes: This is a complete ban, in order to protect the things which are harmful for the society.
- Subsidies: Government can subsidize domestic products in order to stop the country from importing.
- Administrative Barriers: Making the situation difficult to trade.
The reason why protectionism is applied in the economy is to protect domestic businesses, raise revenue and protect international competition.
- Tariffs: Tax on imports.
- Quotas: Deciding a limit on quantity of imports.
- Embargoes: This is a complete ban, in order to protect the things which are harmful for the society.
- Subsidies: Government can subsidize domestic products in order to stop the country from importing.
- Administrative Barriers: Making the situation difficult to trade.
The reason why protectionism is applied in the economy is to protect domestic businesses, raise revenue and protect international competition.
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Answer:
"Soon after, nation Y increased tariffs on imports of precious metals from country X"
Explanation:
Congratulations, reading this part means you are looking for verification of your answer on the Plato Mastery Test on Regulation of Trade and not just trying to copy answers (don't feel ashamed I do the same).
In order to answer this question, you need to know what retaliatory protectionism is—barriers of trade enacted by one country on another country's imports due to exceissive duties imposed by that other country. Nation Y increased tariffs in retaliation to the fact that nation X imposed a quota on LCD TV imports from nation Y.
Also, if you're looking for extra verification, I took the test on Plato and got 100%.
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