IB Economics (SL) Definitions and real world examples
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4 Terms
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Tariff
Tax imposed on imports aimed at restricting their flow into a country to protect domestic production per unit/good
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RWE of a tariff
- May 2018, USA
- Imposed 25% tariff on 250 bil. dollars of Chinese products
- To narrow their trade deficit (X-M differences)
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Quota
Quantitative restriction imposed on import volume per unit/good
4
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RWE of a quota
- 2018 USA
- Decreased quota by 21% on Korean steel imports to 2.6 mil. tons.
- Prevent trade deficit between US and Korea that doubled since 2012
Note 
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