File "unit-4243-trade-protectionism.html"
Path: /ThinkIB/bm_econ/economics/page/35348/unit-4243-trade-protectionismhtml
File size: 184.58 KB
MIME-type: text/html
Charset: utf-8
<!DOCTYPE html>
<html lang="en">
<head>
<!-- Google Tag Manager -->
<script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':
new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],
j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src=
'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);
})(window,document,'script','dataLayer','GTM-K5VSFSN');
</script>
<!-- End Google Tag Manager -->
<meta http-equiv="x-ua-compatible" content="IE=Edge"/>
<title>DP Economics: Unit 4.2/4.3 Trade protectionism</title>
<meta charset="utf-8" />
<meta name="viewport" content="width=device-width, initial-scale=1.0" />
<meta name="robots" content="none" /><meta name="robots" content="noindex, nofollow" />
<base href="https://www.student.thinkib.net" /><meta name="keywords" content="Economics, ThinkIB.net, InThinking, IB, IBDP, IBMYP" /><meta name="description" content="Unit 4.2/4.3 Trade protectionism. ThinkIB.net Economics is an InThinking website." />
<link href="css/bootstrap.min.css" rel="stylesheet" media="screen" />
<link href="css/font-awesome-4.7.0/css/font-awesome.min.css" rel="stylesheet">
<link href="/css/top-nav.min.css?v=202305221900" rel="stylesheet" media="screen" />
<link href="/css/style.min.css?v=202308071530" rel="stylesheet" media="screen" />
<link href="/css/style-ib.min.css?v=202305221900" rel="stylesheet" media="screen" />
<link rel="stylesheet" type="text/css" href="/js/jq-fancybox/jquery.fancybox.min.css">
<link href="js/jq-fancybox/jquery.fancybox.min.css" type="text/css" rel="stylesheet">
<link rel="stylesheet" href="/css/side-nav.min.css?v=202305221900" /><link rel="stylesheet" href="/assets/css/ckeditor5-custom.css" type="text/css"><link rel="stylesheet" href="/css/std-access.min.css?v=202305221900" /><link rel="stylesheet" href="/css/snippets.min.css?v=202305221900" /><link rel="stylesheet" href="/css/article.min.css?v=2023061230" /><script src="/js/localdates.min.js?v=202009290900"></script><script src="/js/ifvisible.min.js"></script><script>ifvisible.setIdleDuration(300);</script><script>var tibSitename = "economics";</script>
<script>
const SITE_TAG = "ib"
const SITE_WEB = "ThinkIB.net"
const SITE_DOMAIN = "www.thinkib.net"
const SITE_URI = "https://thinkib.net"
const SITE_CLIENT_CODE = "TIB000001"
let imageThinker = "https://assets.inthinking.net/thinkib/header-thinker-ib.svg";
let imageStudent = "https://assets.inthinking.net/thinkib/header-student-thinkib.svg";
</script>
<script>var userHash = "1164ffdb5b0fa1709243f22ebefcb0a3", userTicket = "fd6a5e8a06cfccf2";</script><script src="/js/user/local-stats.min.js?v=202102101800"></script><link rel="apple-touch-icon-precomposed" sizes="57x57" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-57x57.png" /><link rel="apple-touch-icon-precomposed" sizes="114x114" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-114x114.png" /><link rel="apple-touch-icon-precomposed" sizes="72x72" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-72x72.png" /><link rel="apple-touch-icon-precomposed" sizes="144x144" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-144x144.png" /><link rel="apple-touch-icon-precomposed" sizes="60x60" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-60x60.png" /><link rel="apple-touch-icon-precomposed" sizes="120x120" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-120x120.png" /><link rel="apple-touch-icon-precomposed" sizes="76x76" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-76x76.png" /><link rel="apple-touch-icon-precomposed" sizes="152x152" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/apple-touch-icon-152x152.png" /><link rel="icon" type="image/png" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/favicon-196x196.png" sizes="196x196" /><link rel="icon" type="image/png" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/favicon-96x96.png" sizes="96x96" /><link rel="icon" type="image/png" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/favicon-32x32.png" sizes="32x32" /><link rel="icon" type="image/png" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/favicon-16x16.png" sizes="16x16" /><link rel="icon" type="image/png" href="https://assets.inthinking.net/thinkib/favicon/student-thinkib/favicon-128.png" sizes="128x128" /><meta name="application-name" content=" "/><meta name="msapplication-TileColor" content="#FFFFFF" /><meta name="msapplication-TileImage" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-144x144.png" /><meta name="msapplication-square70x70logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-70x70.png" /><meta name="msapplication-square150x150logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-150x150.png" /><meta name="msapplication-wide310x150logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-310x150.png" /><meta name="msapplication-square310x310logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-310x310.png" />
</head>
<body onunload="" class="student-access">
<!-- Google Tag Manager (noscript) -->
<noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-K5VSFSN"
height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>
<!-- End Google Tag Manager (noscript) -->
<div id="header">
<div class="wmap">
<div class="layout-wrapper">
<div class="container-fluid">
<div class="pull-right visible-phone">
<a href="https://www.inthinking.net">
<img src="https://assets.inthinking.net/thinkib/header-logo.svg" style="height: 45px; width: auto">
</a>
</div>
<div class="visible-phone" style="clear:both;"></div>
<div class="pull-left">
<h1><a href="/economics?lg=50735"><span style="font-size: .8em;">IBDP Economics - Student pages</span></a></h1>
<p class="slogan hidden-phone"><span class="slogan"><em>InThinking</em> Subject Sites for teachers & their classes</span></p>
<p class="hidden-phone"><em>Group: <br>Teacher: </em></p>
</div>
<div class="pull-right text-right">
<a class="hidden-phone" href="https://www.inthinking.net">
<img src="https://assets.inthinking.net/thinkib/header-logo.svg" style="height: 70px; width: auto">
</a>
<div class="search"><a href="#" class="toggle-menu-search" data-toggle="dropdown" title="Search"><i class="fa fa-2x fa-search"></i></a></div>
</div>
</div>
</div>
</div>
</div>
<div id="topmenu">
<div class="layout-wrapper">
<div>
<nav class="top-nav"><ul class="level-0"><li><a href="https://www.student.thinkib.net/economics?lg=50735"><i class="fa fa-home"></i> Home</a></li><li ><a href="https://www.student.thinkib.net/economics/page/20131/start-here">Start here</a></li><li ><a href="https://www.student.thinkib.net/economics/page/27378/the-ib-core">The IB core</a></li><li class="selected"><a href="https://www.student.thinkib.net/economics/page/32112/textbook">Textbook</a></li><li ><a href="https://www.student.thinkib.net/economics/page/20132/units-1-2-microeconomics">Units 1-2: Microeconomics</a></li><li ><a href="https://www.student.thinkib.net/economics/page/21842/unit-3-macroeconomics-">Unit 3: Macroeconomics </a></li><li ><a href="https://www.student.thinkib.net/economics/page/21844/unit-4-global-economy">Unit 4: Global economy</a></li><li ><a href="https://www.student.thinkib.net/economics/page/21380/assessment">Assessment</a></li><li ><a href="https://www.student.thinkib.net/economics/page/4332/exam-style-questions">Exam style questions</a></li></ul></nav>
</div>
</div>
</div>
<nav id="nav-menu-search" class="shadow-md" style="display: none;">
<div class="layout-wrapper">
<form class="form-inline" role="search" method="get" action="economics/search">
<input id="nav-search" name="s" type="search" placeholder="Search Economics..." value="">
<button class="btn btn-sm btn-primary" type="submit">
Search
</button>
<a href="#" class="toggle-menu-search" title="Close">
<i class="fa fa-lg fa-times gray"></i>
</a>
</form>
</div>
</nav>
<div class="layout-wrapper">
<div id="container" class="container-fluid">
<div id="content">
<div class="row-fluid">
<div id="left-column" class="span3"> <div id="userbox">
<div class="dropdown" style="display: flex; align-items: center;">
<a href="#" data-toggle="dropdown" class="dropdown-toggle btn">
<img style="width: 16px; height: 16px; margin: -2px 0 0 0;" src="https://assets.inthinking.net/thinkib/user/generic/32-generic-user.png">
IB Docs (2) Team <i class="fa fa-caret-down"></i>
</a>
<ul class="dropdown-menu" id="menu1">
<li class="dropdown-submenu"><a href="#" data-toggle="dropdown" class="dropdown-toggle"><i class="fa fa-caret-right fixwidth gray"></i> IBDP Business Management</a><ul class="dropdown-menu" style="padding: 0; border-radius: 3px; margin-left: -4px; margin-top: -1px;"><li><a href="https://www.student.thinkib.net/businessmanagement?lg=51189"><i class="fa fa-group gray fixwidth"></i> 1</a></li><li><a href="https://www.student.thinkib.net/businessmanagement?lg=51192"><i class="fa fa-group gray fixwidth"></i> 2</a></li></ul></li><li><a href="https://www.student.thinkib.net/economics?lg=50735"><i class="fa fa-caret-right fixwidth gray"></i> IBDP Economics</a></li><li class="divider"></li><li><a href="https://www.student.thinkib.net"><i class="fa fa-dashboard fixwidth colored"></i> Dashboard</a></li><li><a href="https://www.student.thinkib.net/?pan=tasks"><i class="fa fa-pencil fixwidth colored"></i> All tasks</a></li><li><a href="https://www.student.thinkib.net/std/profile-editor"><i class="fa fa-user fixwidth colored"></i> My profile</a></li>
<li class="divider"></li>
<li>
<a href="https://www.student.thinkib.net?logout=1">
<i class="fa fa-power-off fixwidth"></i> Log out
</a>
</li>
</ul>
</div>
</div><div style="margin: 20px 0;"><a href="https://www.student.thinkib.net/economics/sitemap" class="btn btn-default btn-block"><i class="fa fa-sitemap fixwidth colored"></i>Sitemap</a></div><div id="topicsnav" style="margin: 0; padding: 0px;"> <div class="row-fluid accordion-group" style="border: 0px; margin-bottom: 0px;"> <div style="padding: 6px 4px 6px 8px; background: #204a87;"> <a class="accordion-toggle std-header" style="color: #fff; text-shadow: 1px 1px 1px #444; padding: 0px; text-decoration: none; font-size: 16px; font-weight: 400;" data-toggle="collapse" data-parent="#topicsnav" href="#side-box-topics-list"> <i class="fa fa-caret-right fa-rotate-90 white" style="margin-left: 4px;"></i> Topics </a> <span id="sidetreecontrol"> <a title="Collapse all" rel="collapse" href="#"> <i class="fa fa-minus-circle"></i> </a> <a title="Expand all" rel="expand" href="#"> <i class="fa fa-plus-circle"></i> </a> </span> </div> <div id="side-box-topics-list" class="accordion-body in collapse"> <div class="accordion-inner" style="line-height: 1.7em; padding: 0;"> <nav class="side-nav" id="sidemenu"><ul class="level-0 always-expanded"><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20131/start-here" title="Start here">Start here</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/46026/getting-started-for-students" title="Getting started for students">Getting started for students</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/45198/predicted-grade-calculator" title="Predicted grade calculator">Predicted grade calculator</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Using the student access on the site ">Using the student access on the site </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32021/giving-students-access-to-the-inthinking-site" title="Giving students access to the Inthinking site">Giving students access to the Inthinking site</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20150/recommended-reading-" title="Recommended reading ">Recommended reading </a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Economics games">Economics games</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/26967/activities-and-simulations" title="Activities and simulations">Activities and simulations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41381/crosswords" title="Crosswords">Crosswords</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Old curriculum resources">Old curriculum resources</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29986/price-discrimination-old-syllabus-hl" title="Price discrimination (old syllabus) HL">Price discrimination (old syllabus) HL</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/27378/the-ib-core" title="The IB core">The IB core</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/1583/extended-essay" title="Extended essay">Extended essay</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/27917/the-5-year-rule-in-economics-" title="The 5 year rule in economics ">The 5 year rule in economics </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21411/using-the-ee-markbands-" title="Using the EE markbands ">Using the EE markbands </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21412/focus-on-the-criteria-" title="Focus on the criteria ">Focus on the criteria </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20780/extended-essay-checklist" title="Extended essay checklist">Extended essay checklist</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20786/exemplar-extended-essay-" title="Exemplar extended essay ">Exemplar extended essay </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20819/annotated-extended-essay-sample-1-grading-criteria" title="Annotated extended essay sample 1 (grading criteria)">Annotated extended essay sample 1 (grading criteria)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/36082/annotated-extended-essay-sample-1" title="Annotated extended essay sample 1">Annotated extended essay sample 1</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/36110/annotated-extended-essay-sample-1-grading-criteria" title="Annotated extended essay sample 1 (grading criteria)">Annotated extended essay sample 1 (grading criteria)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20792/annotated-extended-essay-sample-2" title="Annotated extended essay sample 2">Annotated extended essay sample 2</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20820/annotated-extended-essay-sample-2-grading-criteria" title="Annotated extended essay sample 2 (grading criteria)">Annotated extended essay sample 2 (grading criteria)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/26701/annotated-extended-essay-sample-3" title="Annotated extended essay sample 3">Annotated extended essay sample 3</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/26702/annotated-extended-essay-sample-3-grading-criteria" title="Annotated extended essay sample 3 (grading criteria)">Annotated extended essay sample 3 (grading criteria)</a></li></ul></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="https://www.student.thinkib.net/economics/page/32112/textbook" title="Textbook">Textbook</a></li><ul class="level-1 expanded"><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33061/contents-page" title="Contents page">Contents page</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/37990/textbook-approach-to-the-new-ib-economics-examination-specificat" title="Textbook approach to the new IB Economics examination specification">Textbook approach to the new IB Economics examination specification</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33060/chapter-1-introduction-to-economics" title="Chapter 1: Introduction to Economics">Chapter 1: Introduction to Economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32395/unit-11-introduction-to-economics" title="Unit 1.1: Introduction to Economics">Unit 1.1: Introduction to Economics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32541/unit-12-how-do-economists-approach-the-world" title="Unit 1.2: How do economists approach the world?">Unit 1.2: How do economists approach the world?</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33063/chapter-2-microeconomics" title="Chapter 2: Microeconomics">Chapter 2: Microeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32533/unit-21-demand-theory" title="Unit 2.1: Demand theory">Unit 2.1: Demand theory</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32555/unit-22-supply-theory" title="Unit 2.2: Supply theory">Unit 2.2: Supply theory</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32567/unit-23-competitive-market-equilibrium" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32575/unit-241-behavioural-economics-hl" title="Unit 2.4(1): Behavioural economics (HL)">Unit 2.4(1): Behavioural economics (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32798/unit-242-business-objectives-hl" title="Unit 2.4(2): Business objectives (HL)">Unit 2.4(2): Business objectives (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32663/unit-251-price-elasticity-of-demand-ped" title="Unit 2.5(1): Price elasticity of demand (PED)">Unit 2.5(1): Price elasticity of demand (PED)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32788/unit-252-income-elasticity-of-demand-yed-" title="Unit 2.5(2): Income elasticity of demand (YED) ">Unit 2.5(2): Income elasticity of demand (YED) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32789/unit-26-price-elasticity-of-supply-pes-" title="Unit 2.6: Price elasticity of supply (PES) ">Unit 2.6: Price elasticity of supply (PES) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33388/unit-271-governments-in-markets-tax-and-subsidy-" title="Unit 2.7(1): Governments in markets - tax and subsidy ">Unit 2.7(1): Governments in markets - tax and subsidy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33424/unit-272-governments-in-markets-price-controls" title="Unit 2.7(2): Governments in markets - price controls">Unit 2.7(2): Governments in markets - price controls</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33665/unit-281-market-failure-externalities" title="Unit 2.8(1): Market failure – externalities">Unit 2.8(1): Market failure – externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/33808/unit-282-market-failure-merit-goods-and-demerit-goods-" title="Unit 2.8(2): Market failure - merit goods and demerit goods ">Unit 2.8(2): Market failure - merit goods and demerit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34054/unit-283-government-intervention-to-manage-externalities-merit-a" title="Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods ">Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34082/unit-284-common-access-pool-resources" title="Unit 2.8(4): Common access (pool) resources">Unit 2.8(4): Common access (pool) resources</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34087/unit-29-public-goods" title="Unit 2.9: Public goods">Unit 2.9: Public goods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34247/unit-210-asymmetric-information-hl" title="Unit 2.10: Asymmetric information (HL)">Unit 2.10: Asymmetric information (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35118/unit-2111-market-power-theory-of-production-and-costs-hl" title="Unit 2.11(1) Market power - Theory of production and costs (HL)">Unit 2.11(1) Market power - Theory of production and costs (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35125/unit-2112-market-power-perfect-competitionhl" title="Unit 2.11(2) Market power - Perfect competition(HL)">Unit 2.11(2) Market power - Perfect competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35147/unit-2113-market-power-monopolyhl" title="Unit 2.11(3) Market power - Monopoly(HL)">Unit 2.11(3) Market power - Monopoly(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35151/unit-2114-market-power-monopolistic-competitionhl" title="Unit 2.11(4) Market power - Monopolistic competition(HL)">Unit 2.11(4) Market power - Monopolistic competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35153/unit-2115-market-power-oligopolyhl" title="Unit 2.11(5) Market power - Oligopoly(HL)">Unit 2.11(5) Market power - Oligopoly(HL)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41603/economics-real-world-examples-and-extension-material-" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/43378/opportunity-cost-and-production-possibility-curves" title="Opportunity cost and production possibility curves">Opportunity cost and production possibility curves</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42559/demand-theory" title="Demand theory">Demand theory</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41886/the-price-mechanism" title="The price mechanism">The price mechanism</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/43188/market-demand-and-supply" title="Market demand and supply">Market demand and supply</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41705/demerit-goods" title="Demerit goods">Demerit goods</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42275/market-failure-and-climate-change" title="Market failure and climate change">Market failure and climate change</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42925/market-power" title="Market power">Market power</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42099/applying-game-theory" title="Applying game theory">Applying game theory</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34407/chapter-3-macroeconomics" title="Chapter 3: Macroeconomics">Chapter 3: Macroeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34355/unit-311-measuring-the-level-of-economic-activity" title="Unit 3.1(1): Measuring the level of economic activity">Unit 3.1(1): Measuring the level of economic activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34432/unit-312-measuring-economic-development" title="Unit 3.1(2): Measuring Economic Development">Unit 3.1(2): Measuring Economic Development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34485/unit-321-variations-in-economic-activity-aggregate-demand-ad-" title="Unit 3.2(1): Variations in economic activity - aggregate demand (AD) ">Unit 3.2(1): Variations in economic activity - aggregate demand (AD) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34487/unit-322-variations-in-economic-activity-aggregate-supplyas" title="Unit 3.2(2): Variations in economic activity - aggregate supply(AS)">Unit 3.2(2): Variations in economic activity - aggregate supply(AS)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34758/unit-331-macroeconomic-objectives-economic-growth" title="Unit 3.3(1) Macroeconomic objectives: economic growth">Unit 3.3(1) Macroeconomic objectives: economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34771/unit-332-macroeconomic-objectives-unemployment-" title="Unit 3.3(2) Macroeconomic objectives: unemployment ">Unit 3.3(2) Macroeconomic objectives: unemployment </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34778/unit-333-macroeconomic-objectives-inflation-and-deflation-" title="Unit 3.3(3) Macroeconomic objectives: inflation and deflation ">Unit 3.3(3) Macroeconomic objectives: inflation and deflation </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34925/unit-341-economics-of-inequality-and-poverty" title="Unit 3.4(1) Economics of inequality and poverty">Unit 3.4(1) Economics of inequality and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34946/unit-342-policies-to-improve-equality-equity-and-poverty" title="Unit 3.4(2) Policies to improve equality, equity and poverty">Unit 3.4(2) Policies to improve equality, equity and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34993/unit-35-government-management-of-the-economy-monetary-policy" title="Unit 3.5 Government management of the economy – monetary policy">Unit 3.5 Government management of the economy – monetary policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/34962/unit-36-government-management-of-the-economy-fiscal-policy" title="Unit 3.6 Government management of the economy – fiscal policy">Unit 3.6 Government management of the economy – fiscal policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35017/unit-371-market-based-supply-side-policies-" title="Unit 3.7(1) Market based supply-side policies ">Unit 3.7(1) Market based supply-side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35018/unit-372-interventionist-supply-side-policies-" title="Unit 3.7(2) Interventionist supply-side policies ">Unit 3.7(2) Interventionist supply-side policies </a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/45803/economics-real-world-examples-and-extension-material-" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42639/measuring-economic-well-being" title="Measuring economic well-being">Measuring economic well-being</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/43044/inflation" title="Inflation">Inflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42350/inequality" title="Inequality">Inequality</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41639/inequity" title="Inequity">Inequity</a></li></ul></ul><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="https://www.student.thinkib.net/economics/page/35414/chapter-4-the-global-economy" title="Chapter 4: The Global Economy">Chapter 4: The Global Economy</a></li><ul class="level-2 expanded"><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35346/unit-41-benefits-of-international-trade" title="Unit 4.1 Benefits of international trade">Unit 4.1 Benefits of international trade</a></li><li class="current" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35348/unit-4243-trade-protectionism" title="Unit 4.2/4.3 Trade protectionism">Unit 4.2/4.3 Trade protectionism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35407/unit-44-economic-integration-" title="Unit 4.4 Economic integration ">Unit 4.4 Economic integration </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35409/unit-45-exchange-rates" title="Unit 4.5 Exchange rates">Unit 4.5 Exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35413/unit-46-balance-of-payments-" title="Unit 4.6 Balance of payments ">Unit 4.6 Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35675/unit-47-sustainable-development" title="Unit 4.7 Sustainable development">Unit 4.7 Sustainable development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35685/unit-48-measuring-development-" title="Unit 4.8 Measuring development ">Unit 4.8 Measuring development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35687/unit-49-barriers-to-economic-development" title="Unit 4.9 Barriers to economic development">Unit 4.9 Barriers to economic development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/35702/unit-410-economic-growth-and-economic-development-strategies" title="Unit 4.10: Economic growth and economic development strategies">Unit 4.10: Economic growth and economic development strategies</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/45804/economics-real-world-examples-and-extension-material-" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41927/foreign-currency" title="Foreign currency">Foreign currency</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/43532/exchange-rates" title="Exchange rates">Exchange rates</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/43804/balance-of-payments" title="Balance of payments">Balance of payments</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41796/economic-development" title="Economic development">Economic development</a></li></ul></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20132/units-1-2-microeconomics" title="Units 1-2: Microeconomics">Units 1-2: Microeconomics</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 1: Introduction to economics">Unit 1: Introduction to economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20091/introductory-activity" title="Introductory activity">Introductory activity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20093/unit-11-scarcity-choice-and-opportunity-cost" title="Unit 1.1: Scarcity, choice and opportunity cost">Unit 1.1: Scarcity, choice and opportunity cost</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21647/factors-of-production" title="Factors of production">Factors of production</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20114/economic-systems" title="Economic systems">Economic systems</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20134/public-and-private-sectors" title="Public and private sectors">Public and private sectors</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/28055/unit-12-economics-as-a-social-science" title="Unit 1.2: Economics as a social science">Unit 1.2: Economics as a social science</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29921/circular-flow-of-national-income" title="Circular flow of national income">Circular flow of national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29829/unit-1-review-terms" title="Unit 1: Review terms">Unit 1: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/41600/introduction-to-economics-crossword" title="Introduction to economics crossword">Introduction to economics crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/4331/unit-1-multiple-choice-quiz" title="Unit 1: Multiple choice quiz">Unit 1: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20177/unit-21-23-competitive-markets-demand-and-supply" title="Unit 2.1-2.3: Competitive markets - demand and supply">Unit 2.1-2.3: Competitive markets - demand and supply</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/28517/unit-21-demand" title="Unit 2.1: Demand">Unit 2.1: Demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/22349/determinants-of-demand" title="Determinants of demand">Determinants of demand</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29949/unit-22-supply-" title="Unit 2.2: Supply ">Unit 2.2: Supply </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20184/changes-to-supply-and-demand-" title="Changes to supply and demand ">Changes to supply and demand </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21992/practise-exercises" title="Practise exercises">Practise exercises</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/26112/gold-exchange-game-demand-and-supply" title="Gold exchange game: Demand and supply">Gold exchange game: Demand and supply</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20194/unit-23-competitive-market-equilibrium" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20144/producer-and-consumer-surplus" title="Producer and consumer surplus">Producer and consumer surplus</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/22351/veblen-goods-and-super-luxury-goods" title="Veblen goods and super luxury goods">Veblen goods and super luxury goods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/25677/are-cryptocurrencies-the-new-tulipmania" title="Are Cryptocurrencies the new Tulipmania?">Are Cryptocurrencies the new Tulipmania?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20472/unit-21-23-multiple-choice-quiz" title="Unit 2.1-2.3: Multiple choice quiz">Unit 2.1-2.3: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20113/unit-24-consumer-and-producer-behaviour-hl-only" title="Unit 2.4: Consumer and producer behaviour (HL only)">Unit 2.4: Consumer and producer behaviour (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/36073/behavioural-economics-consumer-biases-nudge-theory-hl-only" title="Behavioural economics: Consumer biases / nudge theory (HL only)">Behavioural economics: Consumer biases / nudge theory (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20378/business-objectives-hl-only" title="Business objectives (HL only)">Business objectives (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/28741/unit-21-24-review-terms-" title="Unit 2.1-2.4: Review terms ">Unit 2.1-2.4: Review terms </a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20195/unit-25-26-elasticity" title="Unit 2.5-2.6: Elasticity">Unit 2.5-2.6: Elasticity</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/28713/unit-25-price-elasticity-of-demand" title="Unit 2.5: Price elasticity of demand">Unit 2.5: Price elasticity of demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21545/determinants-of-price-elasticity-" title="Determinants of price elasticity ">Determinants of price elasticity </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21532/ped-elasticity-and-sales-revenue" title="PED elasticity and sales revenue?">PED elasticity and sales revenue?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21259/unit-25-income-elasticity-of-demand-yed" title="Unit 2.5: Income elasticity of demand (YED)">Unit 2.5: Income elasticity of demand (YED)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21200/unit-26-price-elasticity-of-supply" title="Unit 2.6: Price elasticity of supply">Unit 2.6: Price elasticity of supply</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20207/perfectly-elastic-inelastic-supply-curves" title="Perfectly elastic / inelastic supply curves">Perfectly elastic / inelastic supply curves</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20230/a-mathematical-note-about-elasticity-" title="A mathematical note about elasticity ">A mathematical note about elasticity </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/39037/demand-and-supply-crossword" title="Demand and supply crossword">Demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29021/unit-25-26-review-terms" title="Unit 2.5-2.6: Review terms">Unit 2.5-2.6: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20474/unit-25-26-multiple-choice-quiz-" title="Unit 2.5-2.6: Multiple choice quiz ">Unit 2.5-2.6: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/44474/unit-21-25-competitive-markets-quiz" title="Unit 2.1- 2.5: Competitive markets quiz">Unit 2.1- 2.5: Competitive markets quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20243/unit-27-the-role-of-government-in-microeconomics-" title="Unit 2.7: The role of government in microeconomics ">Unit 2.7: The role of government in microeconomics </a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/26590/indirect-taxation" title="Indirect taxation">Indirect taxation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20246/ped-and-the-burden-of-tax-hl-only-" title="PED and the burden of tax (HL only) ">PED and the burden of tax (HL only) </a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20277/government-subsidies-" title="Government subsidies ">Government subsidies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29117/unit-27-indirect-tax-and-subsidy-review-terms" title="Unit 2.7: Indirect tax and subsidy review terms">Unit 2.7: Indirect tax and subsidy review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20287/price-controls-maximum-price-" title="Price controls − maximum price ">Price controls − maximum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20288/minimum-price-" title="Minimum price ">Minimum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21540/minimum-wage-" title="Minimum wage ">Minimum wage </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/38849/labour-market-crossword" title="Labour market crossword">Labour market crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29260/unit-27-price-controls-review-terms" title="Unit 2.7: Price controls review terms">Unit 2.7: Price controls review terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20303/unit-28-210-market-failure-" title="Unit 2.8-2.10: Market failure ">Unit 2.8-2.10: Market failure </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21543/unit-28-merit-goods-" title="Unit 2.8: Merit goods ">Unit 2.8: Merit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/23123/unit-28-demerit-goods-negative-externalities" title="Unit 2.8: Demerit goods / negative externalities">Unit 2.8: Demerit goods / negative externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/38850/market-failure-crossword" title="Market failure crossword">Market failure crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29262/unit-29-economics-of-the-environment-and-public-goods-" title="Unit 2.9: Economics of the environment and public goods ">Unit 2.9: Economics of the environment and public goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20332/unit-210-asymmetric-information-hl-only" title="Unit 2.10: Asymmetric information (HL only)">Unit 2.10: Asymmetric information (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29828/unit-28-210-market-failure-review-sheet" title="Unit 2.8-2.10: Market failure review sheet">Unit 2.8-2.10: Market failure review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29827/unit-28-210-market-failure-review-terms" title="Unit 2.8-2.10: Market failure review terms">Unit 2.8-2.10: Market failure review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20479/unit-27-210-multiple-choice-quiz-" title="Unit 2.7-2.10: Multiple choice quiz ">Unit 2.7-2.10: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/44501/unit-27-210-government-failure-revision-quiz" title="Unit 2.7-2.10 Government failure revision quiz">Unit 2.7-2.10 Government failure revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20330/unit-211-market-power-hl-only" title="Unit 2.11: Market power (HL only)">Unit 2.11: Market power (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29835/assessment-map" title="Assessment map">Assessment map</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21528/production-hl-only" title="Production (HL only)">Production (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29978/revenue-theory-hl-only" title="Revenue theory (HL only)">Revenue theory (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20357/costs-of-production-hl-only" title="Costs of production (HL only)">Costs of production (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21286/economies-and-diseconomies-of-scale-hl-only" title="Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/22494/long-run-average-cost-curves-hl-only" title="Long run average cost curves (HL only)">Long run average cost curves (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29838/breakeven-hl-only" title="Breakeven (HL only)">Breakeven (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20340/economic-profit-hl-only" title="Economic profit (HL only)">Economic profit (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/39082/market-power-crossword" title="Market power crossword">Market power crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/22495/revision-exercise-on-cost-and-revenue-hl-only" title="Revision exercise on cost and revenue (HL only)">Revision exercise on cost and revenue (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29845/unit-211-costs-revenue-and-profit-review-sheet-hl-only" title="Unit 2.11: Costs, revenue and profit review sheet (HL only)">Unit 2.11: Costs, revenue and profit review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/44484/unit-211-multiple-choice-quiz-sl-units" title="Unit 2.11: Multiple choice quiz (SL units)">Unit 2.11: Multiple choice quiz (SL units)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29846/market-structures-hl-only" title="Market structures (HL only)">Market structures (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29981/perfect-competition-hl-only" title="Perfect competition (HL only)">Perfect competition (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/24486/profit-in-perfect-competition-hl-only" title="Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21302/efficiency-in-perfect-competition-hl-only" title="Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20430/monopoly-hl-only" title="Monopoly (HL only)">Monopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/24529/profit-and-revenue-maximisation-in-monopoly-hl-only" title="Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21306/a-comparison-of-monopoly-and-perfect-competition-hl-only" title="A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20435/monopolistic-competition-hl-only" title="Monopolistic competition (HL only)">Monopolistic competition (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20436/oligopoly-hl-only" title="Oligopoly (HL only)">Oligopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/22310/game-theory-hl-only" title="Game theory (HL only)">Game theory (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29918/unit-211-market-structures-review-sheet-hl-only" title="Unit 2.11: Market structures review sheet (HL only)">Unit 2.11: Market structures review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32337/unit-211-diagram-revision-" title="Unit 2.11: Diagram revision ">Unit 2.11: Diagram revision </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20480/unit-211-multiple-choice-quiz-hl-only" title="Unit 2.11: Multiple choice quiz (HL only)">Unit 2.11: Multiple choice quiz (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32425/unit-212-the-markets-inability-to-achieve-equity-hl-only" title="Unit 2.12: The market’s inability to achieve equity (HL only)">Unit 2.12: The market’s inability to achieve equity (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21842/unit-3-macroeconomics-" title="Unit 3: Macroeconomics ">Unit 3: Macroeconomics </a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/3942/unit-31-measuring-economic-activity-and-illustrating-its-variati" title="Unit 3.1: Measuring economic activity and illustrating its variations">Unit 3.1: Measuring economic activity and illustrating its variations</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20558/calculating-national-income" title="Calculating national income">Calculating national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21297/gdp-gni-as-a-measure-of-living-standards" title="GDP / GNI as a measure of living standards">GDP / GNI as a measure of living standards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20567/national-income-statistics" title="National income statistics">National income statistics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21580/the-business-cycle" title="The business cycle">The business cycle</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29931/unit-31-economic-activity-review-sheet" title="Unit 3.1: Economic activity review sheet">Unit 3.1: Economic activity review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20592/unit-32-variations-in-economic-activityaggregate-demand-and-aggr" title="Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply">Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/29933/aggregate-demand-and-supply" title="Aggregate demand and supply">Aggregate demand and supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21582/components-of-aggregate-demand" title="Components of aggregate demand">Components of aggregate demand</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20634/equilibrium-in-macroeconomics-neo-classical-perspective" title="Equilibrium in macroeconomics (neo-classical perspective)">Equilibrium in macroeconomics (neo-classical perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20439/equilibrium-in-macroeconomics-keynesian-perspective" title="Equilibrium in macroeconomics (keynesian perspective)">Equilibrium in macroeconomics (keynesian perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21349/john-maynard-keynes" title="John Maynard Keynes">John Maynard Keynes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20650/keynesian-v-free-market-debate-" title="Keynesian v free market debate ">Keynesian v free market debate </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21342/changes-in-the-long-run-aggregate-supply" title="Changes in the long run aggregate supply">Changes in the long run aggregate supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30055/unit-32-aggregate-demand-and-supply-review-sheet" title="Unit 3.2: Aggregate demand and supply review sheet">Unit 3.2: Aggregate demand and supply review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20610/unit-35-and-36-demand-management-fiscal-and-monetary-policy" title="Unit 3.5 and 3.6: Demand management - fiscal and monetary policy">Unit 3.5 and 3.6: Demand management - fiscal and monetary policy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30058/government-budget" title="Government budget">Government budget</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21585/fiscal-policy-" title="Fiscal policy ">Fiscal policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21343/multiplier-hl-only" title="Multiplier (HL only)">Multiplier (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21795/monetary-policy-" title="Monetary policy ">Monetary policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30071/independent-central-banks" title="Independent central banks">Independent central banks</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30083/unit-35-and-36-review-sheet" title="Unit 3.5 and 3.6 review sheet">Unit 3.5 and 3.6 review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20615/unit-37-supply-side-policies" title="Unit 3.7: Supply side policies">Unit 3.7: Supply side policies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20651/the-role-of-supply-side-policies" title="The role of supply side policies">The role of supply side policies</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20622/market-based-and-interventionist-supply-side-policies-" title="Market based and interventionist supply side policies ">Market based and interventionist supply side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/39129/aggregate-demand-and-supply-crossword" title="Aggregate demand and supply crossword">Aggregate demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30086/unit-37-review-sheet" title="Unit 3.7: Review sheet">Unit 3.7: Review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20755/unit-31-32-and-35-37-multiple-choice-quiz-" title="Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz ">Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz </a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/44522/unit-31-32-and-35-37-revision-quiz" title="Unit 3.1-3.2 and 3.5-3.7: Revision quiz">Unit 3.1-3.2 and 3.5-3.7: Revision quiz</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20686/unit-33-macroeconomic-objectives" title="Unit 3.3: Macroeconomic objectives">Unit 3.3: Macroeconomic objectives</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30118/unemployment" title="Unemployment">Unemployment</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21351/types-of-unemployment" title="Types of unemployment?">Types of unemployment?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21593/equilibrium-unemployment-" title="Equilibrium unemployment ">Equilibrium unemployment </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21594/disequilibrium-unemployment" title="Disequilibrium unemployment">Disequilibrium unemployment</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30458/unemployment-review-sheet" title="Unemployment review sheet">Unemployment review sheet</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20713/inflation-" title="Inflation ">Inflation </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20712/measuring-inflation-hl-only" title="Measuring inflation (HL only)">Measuring inflation (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20685/costs-of-inflation-and-deflation" title="Costs of inflation and deflation">Costs of inflation and deflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30465/inflation-review-sheet" title="Inflation review sheet">Inflation review sheet</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20716/unemployment-v-inflation-trade-off-hl-only" title="Unemployment v inflation trade off (HL only)">Unemployment v inflation trade off (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/39133/macroeconomic-objectives-crossword" title="Macroeconomic objectives crossword">Macroeconomic objectives crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/44511/unit-33-macroeconomic-indicators-revision-quiz" title="Unit 3.3: Macroeconomic indicators revision quiz">Unit 3.3: Macroeconomic indicators revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20741/unit-34-economics-of-inequality-and-poverty" title="Unit 3.4: Economics of inequality and poverty">Unit 3.4: Economics of inequality and poverty</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32398/inequality" title="Inequality">Inequality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21356/the-role-of-spending-and-taxation-on-inequality-" title="The role of spending and taxation on inequality ">The role of spending and taxation on inequality </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21313/consequences-of-economic-growth" title="Consequences of economic growth">Consequences of economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30257/economic-growth-and-inequality-review-sheet" title="Economic growth and inequality review sheet">Economic growth and inequality review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20756/unit-33-34-multiple-choice-" title="Unit 3.3-3.4: Multiple choice ">Unit 3.3-3.4: Multiple choice </a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21844/unit-4-global-economy" title="Unit 4: Global economy">Unit 4: Global economy</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21367/unit-41-benefits-of-international-trade" title="Unit 4.1: Benefits of international trade">Unit 4.1: Benefits of international trade</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30529/benefits-of-international-trade" title="Benefits of international trade">Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20823/absolute-and-comparative-advantage-hl-only" title="Absolute and comparative advantage (HL only)">Absolute and comparative advantage (HL only)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20845/unit-42-43-trade-protection" title="Unit 4.2-4.3: Trade protection">Unit 4.2-4.3: Trade protection</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32419/barriers-to-trade-calculations-are-hl-only" title="Barriers to trade (calculations are HL only)">Barriers to trade (calculations are HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21610/case-study-on-tata-steel" title="Case study on Tata Steel">Case study on Tata Steel</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/23455/the-defence-industry" title="The Defence industry">The Defence industry</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30610/unit-41-43-review-sheet" title="Unit 4.1-4.3: Review sheet">Unit 4.1-4.3: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20894/unit-44-economic-integration-" title="Unit 4.4: Economic integration ">Unit 4.4: Economic integration </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30634/economic-integration-some-hl-tasks" title="Economic integration (some HL tasks)">Economic integration (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20840/world-trade-organisation-wto" title="World trade organisation (WTO)">World trade organisation (WTO)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30635/unit-44-review-sheet" title="Unit 4.4: Review sheet">Unit 4.4: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20853/unit-45-exchange-rates" title="Unit 4.5: Exchange rates">Unit 4.5: Exchange rates</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30611/floating-exchange-rates" title="Floating exchange rates">Floating exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/31824/fixed-managed-exchange-rate-systems-some-hl-tasks" title="Fixed / managed exchange rate systems (some HL tasks)">Fixed / managed exchange rate systems (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21624/the-market-for-foreign-exchange" title="The market for foreign exchange">The market for foreign exchange</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30614/unit-45-review-sheet" title="Unit 4.5: Review sheet">Unit 4.5: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20859/unit-46-balance-of-payments" title="Unit 4.6: Balance of payments">Unit 4.6: Balance of payments</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30624/balance-of-payments-" title="Balance of payments ">Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21386/current-account-hl-only" title="Current account (HL only)">Current account (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20872/the-marshall-lerner-condition-j-curve-hl-only" title="The Marshall-Lerner condition / J curve (HL only)">The Marshall-Lerner condition / J curve (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20899/units-41-46-multiple-choice-quiz-" title="Units 4.1-4.6: Multiple choice quiz ">Units 4.1-4.6: Multiple choice quiz </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/42989/unit-41-46-multiple-choice-quiz-ii" title="Unit 4.1-4.6: Multiple choice quiz II">Unit 4.1-4.6: Multiple choice quiz II</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/39438/unit-41-46-international-trade-crossword" title="Unit 4.1-4.6: International trade crossword">Unit 4.1-4.6: International trade crossword</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32423/unit-47-sustainable-development-" title="Unit 4.7: Sustainable development ">Unit 4.7: Sustainable development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/26092/water-scarcity-activity" title="Water scarcity activity">Water scarcity activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32426/sustainable-development" title="Sustainable development">Sustainable development</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20928/unit-48-measuring-development-" title="Unit 4.8: Measuring development ">Unit 4.8: Measuring development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30686/measuring-development" title="Measuring development">Measuring development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21627/economic-development-" title="Economic development ">Economic development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30679/unit-47-48-review-sheet" title="Unit 4.7-4.8: Review sheet">Unit 4.7-4.8: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 4.9: Barriers to development">Unit 4.9: Barriers to development</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30727/barriers-to-development-in-international-trade" title="Barriers to development in International trade">Barriers to development in International trade</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32430/unit-410-economic-growth-andor-economic-development-strategies" title="Unit 4.10: Economic growth and/or economic development strategies">Unit 4.10: Economic growth and/or economic development strategies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30687/the-role-of-domestic-factors" title="The role of domestic factors">The role of domestic factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30688/the-role-of-international-trade-and-development" title="The role of international trade and development">The role of international trade and development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30689/the-role-of-foreign-direct-investment-fdi" title="The role of foreign direct investment (FDI)">The role of foreign direct investment (FDI)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/25240/the-role-of-foreign-aid-" title="The role of foreign aid ">The role of foreign aid </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30819/multilateral-development-assistance" title="Multilateral development assistance">Multilateral development assistance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21632/the-role-of-international-debt" title="The role of international debt">The role of international debt</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/25242/the-balance-between-markets-and-intervention" title="The balance between markets and intervention">The balance between markets and intervention</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/30926/unit-49-410-review-sheet" title="Unit 4.9 - 4.10: Review sheet">Unit 4.9 - 4.10: Review sheet</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21380/assessment" title="Assessment">Assessment</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Internal assessment ">Internal assessment </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/20608/how-to-write-your-ia-student-handout" title="How to write your IA? (student handout)">How to write your IA? (student handout)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/21428/how-to-interpret-the-assessment-criteria" title="How to interpret the assessment criteria?">How to interpret the assessment criteria?</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Grading practise ">Grading practise </a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Sample 3a">Sample 3a</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32083/sample-3b" title="Sample 3b">Sample 3b</a></li></ul></ul></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/32022/assessment-markbands" title="Assessment markbands">Assessment markbands</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/4332/exam-style-questions" title="Exam style questions">Exam style questions</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 style examination questions">Paper 1 style examination questions</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/40100/unit-211-212-questions" title="Unit 2.11-2.12 questions">Unit 2.11-2.12 questions</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="https://www.student.thinkib.net/economics/page/45102/paper-1-guidance-on-essay-writing" title="Paper 1 guidance on essay writing">Paper 1 guidance on essay writing</a></li></ul></ul></nav> </div> </div> </div> </div><div style="margin-top: 20px;"><style type="text/css">
.studyib-link {
display: inline-block;
overflow: hidden;
font-size: 1.2em;
font-weight: normal;
margin: 10px;
transition: transform .2s; /* Animation */
}
#left-column .studyib-link {
font-size: 1em;
font-weight: normal;
margin: 5px;
transition: transform .2s; /* Animation */
}
#left-column .studyib-advert h2 {
font-size: 1.35em;
}
.studyib-link:hover {
transform: scale(1.2);
}
.studyib-link > img {
width: 2em; height: 2em;
margin: 0;
float: left;
}
.embed-responsive {
position: relative;
display: block;
height: 0;
padding: 0;
margin: 15px 0;
}
.embed-responsive-16by9 {
padding-bottom: 56.25%;
}
.embed-responsive iframe {
position: absolute;
top: 0;
left: 0;
bottom: 0;
height: 100%;
width: 100%;
border: 0;
}
.studyib-advert {
padding: 20px;
background: #E7EDF5;
border: solid 1px #EFF;
/* margin-left: 70px; */
}
.studyib-advert .heading {
display: flex;
flex-direction: row;
align-items: center;
}
.studyib-advert .heading img {
margin-right: 15px;
}
.studyib-advert .heading span {
color: #444
}
.studyib-advert h2,
.studyib-advert h3 {
margin: 0;
}
.studyib-advert .body {
margin-top: 20px;
}
</style>
<div class="studyib-advert">
<div class="heading">
<img src="https://assets.inthinking.net/thinkib/header-thinker-sib.svg" height="50" width="50" class="pull-left" alt="InThinking Revision Sites">
<div>
<h2>INTHINKING REVISION SITES</h2>
<span><em>Own your learning</em></span>
</div>
</div>
<div class="body">
<p>Why not also try our independent learning self-study & revision websites for students?</p>
<p>We currenly offer the following DP Sites: Biology, Chemistry, English A Lang & Lit, Maths A&A, Maths A&I, Physics, Spanish B</p>
<p>
<em>"The site is great for revising the basic understandings of each topic quickly.
Especially since you are able to test yourself at the end of each page and easily see where yo need to improve."</em>
</p>
<p><em>"It is life saving... I am passing IB because of this site!"</em></p>
<p>Basic (limited access) subscriptions are FREE. Check them out at:</p>
<div class="text-center">
<h3>
<a href="//studyib.net">www.StudyIB.net</a>
</h3>
</div>
</div>
</div>
</div></div><!-- /#left-column-->
<div id="main-column" class="span9"> <article id="unit-4243-trade-protectionism" style="margin-top: 16px;">
<h1 class="section-title">Unit 4.2/4.3 Trade protectionism</h1>
<ul class="breadcrumb"><li><a title="Home" href="https://www.student.thinkib.net/economics"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Textbook</span><span class="divider">/</span></li><li><span class="gray">Chapter 4: The Global Economy</span><span class="divider">/</span></li><li><span class="active">Unit 4.2/4.3 Trade protectionism</span></li></ul>
<div class="row-fluid">
<section class="span12" id="main-content">
<div class="intro-card"><img src="/media/ib/economics/images/textbook/international/trade-creation.jpg" style="display: none" /><div class="content"><div class="intro-card" readonly="false"><img class="intro-image" readonly="true" src="/media/ib/economics/images/textbook/international/trade-barriers.jpg" /><div class="content" readonly="true"><p class="text">Whilst most economists see a very strong case for free trade between countries, most countries use trade barriers to restrict free trade. The following types of trade barriers are covered in this chapter: tariffs, quotas, subsidies and administrative barriers.</p></div></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h3>What you should know by the end of this chapter</h3></div></div><div class="panel-footer" style="background-color: rgba(39, 45, 105, 0.1);"><div><p>text</p></div></div></div><p>Types of trade protection:<img alt="" src="/media/ib/economics/images/textbook/international/trade-barriers.jpg" style="float: right; width: 400px; height: 271px;" /></p><ul><li>Tariffs</li><li>Quotas</li><li>Subsidies</li><li>Administrative barriers</li></ul><p>Diagrams showing the effects of tariffs, quotas and subsidies on different stakeholders</p><p>Arguments for trade protectionism:</p><ul><li>Infant (sunrise) industries</li><li>National security</li><li>Health and safety</li><li>Environmental standards</li><li>Anti-dumping and unfair competition</li><li>Balance of payments deficit</li><li>Government revenue</li><li>Protect employment</li><li>Economically least developed country (ELDC) diversification</li></ul><div class="greyBg"><h3>Revision material</h3><p><img alt="" src="/media/ib/economics/images/textbook/revision-material/logo.jpg" style="width: 200px; height: 95px; float: left;" />The link to the attached pdf is revision material from <strong>Unit 4.2/4.3 Trade protectionism. </strong>The revision material can be downloaded as a student handout.</p><p><a href="/media/ib/economics/images/textbook/international/trade-barriers/trade-barrier-revision-notes.pdf" target="_blank" title="Revision"><img class="ico" src="https://assets.inthinking.net/thinkib/icons/revision.png" /> Revision notes</a></p></div><div class="blueBg"><h3>Types of trade barriers</h3><p>Whilst most economists see a very strong case for free trade between countries, most countries use trade barriers to restrict free trade. The following types of trade barriers are covered in this chapter:</p><ul><li>Tariffs</li><li>Quotas</li><li>Subsidies</li><li>Administrative barriers</li></ul><h3><strong>Tariffs</strong></h3><h4><strong>Nature of tariffs</strong></h4><p>Tariffs are taxes put on imported goods as they enter the domestic economy and have to be paid by the individual or organisation importing the good. For example, the European Union charges a 10 per cent tariff on cars. This means a $25,000 Japanese Toyota car would have a $2,500 tariff levied on it, which would be paid by the car dealing business that imported the car. The car dealer will try to pass on some or all the $2,500 tariff to the buyer of the car, but their ability to do this will depend on the price elasticity of demand for the good. Tariffs can be a significant form of government tax revenue and last year $75 billion of tariff revenue was paid on goods entering the US economy.</p><h4><strong>Graphical analysis of a tariff</strong></h4><p>Import tariffs can be a percentage ad valorem tax or they can be levied at a specific amount. In this example, we are going to use the US government putting a specific tariff on imported solar panels. The level of tariff the US government has imposed is a $40 per unit tariff on each imported solar panel.</p><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier1.jpg" style="width: 400px; height: 340px; float: right;" /><strong>The market for imported goods </strong></p><p>In diagram 4.3 the domestic demand and supply for solar panels would give a market price for solar panels of $400. By importing solar panels, consumers can buy them at $250 which is the world price. The world price is determined by the global demand and supply for solar panels. The world supply is shown by WS in diagram 4.3.</p><hr class="hidden" /><p>At the world price for solar panels quantity demanded for solar panels in the US is 21 million units. US suppliers of solar panels who can sell at the world price of $250 will supply the US domestic market with 8 million units. This means the US economy will import 13 million units of solar panels (21m – 8m = 13m)</p><hr class="hidden" /><h5><strong>Adding the tariff</strong></h5><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier2.jpg" style="float: left; width: 400px; height: 346px;" />Adding a $40 tariff per unit to solar panels increases the world supply price and shifts WS up to WS + t to a price of $290. At the higher price of $290 US quantity demanded will fall to 18 million units and the domestic US quantity supplied increases to 10 million units. The increase in price to $290 means more US solar panel suppliers can make a profit and cover their costs. As US solar panel quantity demanded falls and quantity supplied rises, the quantity imported falls to 8 million units (18m – 10m = 8m).</p><hr class="hidden" /><p>As well as reducing the quantity of imports, one of the key benefits of tariffs is they raise revenue for the government. This is calculated by multiplying the quantity imported by the value of the tariff. In diagram 4.4 this is shown by the yellow shaded area and is calculated as:</p><p>8m x $40 = $320m</p><p>The problem with tariffs is they do not necessarily reduce the volume of imports as much as the government would like if the demand and supply for the imported good are price inelastic, although the tariff revenue earned may be significant.</p><h4><strong>Impact on stakeholders</strong></h4><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier3.jpg" style="float: right; width: 400px; height: 342px;" />When a government puts a tariff on a good it impacts domestic consumers, domestic producers and the government. There will also be an impact on foreign producers and overall social welfare. In our US solar panel example, we can examine the impact of the tariff on the different stakeholders by using diagram 4.5.</p><hr class="hidden" /><p>The impacts on the different stakeholders are:</p><ul><li>There is a fall in the consumer surplus from area ACD before the tariff to area ABE after the tariff is imposed. This means the loss of consumer surplus caused by the increase in the price of the solar panels is area EBCD. Domestic US consumers lose surplus and are worse off because of higher prices.</li><li>Domestic producers gain as their surplus increases from area DGF to area FEH. This gain is shown by the green shaded area in diagram 4.5. Some of this gain will be existing producers earning a great surplus and some will be new producers entering the solar panel market.</li><li>The yellow shaded rectangle will be the gain in US government revenue resulting from the tariff.</li><li>The blue shaded triangle is called a welfare loss. This is the cost of inefficient domestic producers who enter the market for solar panels, but who are only in the market because of the tariff and would not be competitive enough to supply solar panels under normal market conditions.</li><li>The brown shaded triangle is also a welfare loss. This is the loss of consumer surplus from people who no longer buy solar panels. Their loss of surplus is not gained by domestic producers or by the government as tariff revenue.</li><li>Overall, the US economy would suffer a net welfare loss as a result of the tariff.</li><li>The price elasticity of demand and supply of solar panels will determine the size of the changes in consumer and producer surplus, as well as the government tariff revenue and respective welfare losses.</li><li>The advantage of using tariffs is they can reduce imports and also raise government tax revenue.</li></ul></div><div class="pinkBg"><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h4><strong>Inquiry case example - The world’s highest tariffs</strong></h4></div></div><div class="panel-footer" style="background-color: rgba(39, 45, 105, 0.1);"><div><p>text</p></div></div></div><p><img alt="" src="/media/ib/economics/images/textbook/international/bahamas.jpg" style="float: left; width: 357px; height: 240px;" title="https://www.blackpast.org/global-african-history/nassau-commonwealth-bahamas-1492/" />The Bahamas is the Caribbean’s richest country and it also has the world’s highest import tariffs. This is despite the fact the Bahamas is very dependent on imports with a trade deficit of $7.781bn. The average rate of import tax in the Bahamas is an ‘eye-watering’ 35% and the Government raises 60% of its tax income from import taxes. Interestingly the Bahamas has zero income tax which makes it a haven for rich tax exiles who enjoy the beach and sunshine lifestyle of the island. The Bahamas also has a flourishing market for luxury Yachts and beach-front mansions. </p><hr class="hidden" /><p>Import tariffs are a regressive tax and high rates make it tough for the local residents on the island who have to live on modest incomes. As one resident said 'imported food is just so expensive.'</p><p><a href="/media/ib/economics/images/textbook/international/trade-barriers/tariff-question.pdf" target="_blank" title="Questions"><img class="ico" src="https://assets.inthinking.net/thinkib/icons/question.png" /> Worksheet questions</a></p><h5>Questions</h5><p><strong>a. Define the term tariff. [2]</strong></p><section class="tib-hiddenbox"><p>Tariffs are taxes put on imported goods as they enter the domestic economy and have to be paid by the individual or organisation importing the good.</p></section><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/tariff.jpg" style="float: right; width: 400px; height: 317px;" /><strong>b. The diagram shows the domestic market for bicycles in the Bahamas. The govern</strong><strong>ment has imposed a tariff on imported bicycles.</strong></p><hr class="hidden" /><p><strong>(i) Change in quantity of bicycles imported as a result of the tariff. [2]</strong></p><section class="tib-hiddenbox"><p>10,000 (14,000 – 4,000) – (11,000 – 6,000) 5,000 = 5,000 units</p></section><p><strong>(ii) Value of the tariff revenue. [2]</strong></p><section class="tib-hiddenbox"><p>5,000 x $15 = $75,000</p></section><p><strong>(iii) Value of the fall in consumer surplus resulting from the tariff. [2]</strong></p><section class="tib-hiddenbox"><p>(11,000 x $15) + (3,000 x $15/2) = $187,500</p></section><p><strong>(iv) Value of the gain in domestic producer surplus resulting from the tariff. [2]</strong></p><section class="tib-hiddenbox"><p>(4,000 x $15) + (2,000 x $15/2) = $75,000</p></section><p><strong>(v) Value of the total welfare loss resulting from the tariff. [2]</strong></p><section class="tib-hiddenbox"><p>(2,000 x $15/2) + (3,000 x $15/2) = $37,500</p></section><p><strong>b. Explain the two welfare loss triangles associated with the imposition of a tariff on bicycles in the Bahamas. [4]</strong></p><section class="tib-hiddenbox"><ul><li>The yellow triangle is a welfare loss associated with the cost of inefficient domestic producers in the market for bicycles who could not compete in the market when there were no tariffs. These costs occur because of the tariff and are therefore a welfare loss. </li><li>The green triangle is a welfare loss because it represents the loss of consumer surplus of bicycle buyers who no longer buy them because the tariff increases the price of the bicycles above the level the buyers are prepared to pay.</li></ul></section><p><strong>c. Explain why a tariff might be considered to be a regressive tax. [4]</strong></p><section class="tib-hiddenbox"><p>A regressive tax means households on lower incomes pay a higher proportion of their income in tax than those on higher incomes. The tariffs on bicycles in the Bahamas are a regressive tax because the $15 tariff on a bike would be a higher proportion of someone's income who is earning $10,000 per year than it would be on someone earning $100,000 per year.</p></section><h5><strong>Investigation</strong></h5><p><strong>Research the import tariffs on three goods the Bahamas imports. </strong></p></div><div class="blueBg"><h3><strong>Quotas</strong></h3><p>A quota is a method of trade protection where a domestic government sets either a value or a quantity limit on imported goods into the domestic economy. The benefit of quotas over tariffs is that effective quotas will reduce the value or quantity of imports by a set amount and do not rely on an increase in price decreasing the domestic quantity demanded.</p><hr class="hidden" /><h4><strong>Adding a quota</strong><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier4.jpg" style="float: right; width: 400px; height: 342px;" /></h4><p>An example of the use of a quota is tur dal quotas imposed by the Indian government. Tur dal is a lentil used in cooking and is a basic staple food. Diagram 4.6 shows the market for tur dal in India. The world price is $5 per kg which means India’s domestic supply is 20 million kgs and domestic demand is 70 million kgs. This results in 50 million kgs of tur dal being imported into India.</p><hr class="hidden" /><hr class="hidden" /><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier5.jpg" style="float: left; width: 400px; height: 307px;" />If the Indian government set a quota on tur dal of 30 million kgs to reduce the quantity imported from 50 million kgs to 30 million kgs. Diagram 4.7 illustrates the impact of the quota on the market for tur dal in India. The 30 million tur dal quota is added to India’s domestic supply to give the domestic market supply for tur dal, S India + q. The market equilibrium for tur dal in India is where D India = S India + q at a price of $7 and a quantity of 60 million kgs. This means that domestic supply from India is 30 million kgs with 30 million kgs imported.</p><hr class="hidden" /><h4><strong>Impact on stakeholders</strong><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier6.jpg" style="float: right; width: 400px; height: 305px;" /></h4><p>The imposition of the quota has an impact on domestic consumers, producers and the government. It will also affect foreign producers and overall welfare in society.</p><hr class="hidden" /><p>Diagram 4.8 examines the impact of the quota on different stakeholders:</p><ul><li>There is a fall in the consumer surplus when the quota is imposed from area ACD to area ABE. This means the loss of consumer surplus caused by the increase in the price of the tar dal is area EBCD. The domestic Indian consumer loses surplus and is worse off because of the increase in the price of tur dal.</li><li>Domestic producers gain as their surplus increases from area DGF to area FEH. This gain is shown by the green shaded area on the diagram. Some of this will be existing producers gaining an increase in surplus and some will be new producers gaining surplus as they enter the tur dal market.</li><li>The blue shaded area is the increase in producer surplus of foreign suppliers of tur dal.</li><li>The red shaded triangle is a welfare loss. This is the cost of inefficient domestic tur dal producers who enter the market and would not be competitive enough under normal market conditions without the quota.</li><li>The yellow shaded triangle is also a welfare loss. This is the loss of the consumer surplus of consumers who no longer buy tur dal. Their loss of surplus is not gained by the domestic or foreign producers and is lost to society.</li><li>Overall, the Indian economy would suffer a net welfare loss as a result of the quota.</li><li>The price elasticity of demand and supply of tur dal will determine the changes in consumer and producer surpluses and respective welfare losses.</li><li>Quotas are more likely to achieve the aim of reducing imports than tariffs because they do not rely on a fall in the quantity demanded by consumers. However, they do not raise revenue and can be subject to corruption because customs officials have to decide which goods can be imported and which cannot.</li></ul></div><div class="pinkBg"><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h4>Inquiry case example - China's wool quotas</h4></div></div><div class="panel-footer" style="background-color: rgba(39, 45, 105, 0.1);"><div><p>text</p></div></div></div><p><img alt="" src="/media/ib/economics/images/textbook/international/trade-barriers/wool.jpg" style="float: right; width: 400px; height: 313px;" />China has announced that it is to increase the import quota it imposes on Australian wool from 36,000 tonnes to 38,000. This is part of reducing trade tensions between the two countries' governments and gives opportunities to stakeholders in both countries. Wool producers in Australia will be able to increase their revenues by selling more in the Chinese market. An Australian Wool Growers spokesperson said 'we see this as a positive move for our wool farmers'.</p><hr class="hidden" /><p>Chinese clothing manufacturers also welcomed the move because it gives them better access the high-quality quality wool from Australia. </p><p><a href="/media/ib/economics/images/textbook/international/trade-barriers/wool.pdf" target="_blank" title="Questions"><img class="ico" src="https://assets.inthinking.net/thinkib/icons/question.png" /> Worksheet questions</a></p><h5>Questions</h5><p><strong>a. Outline the meaning of an increase in the import quota China allows on imported Australian wool. [2]</strong></p><section class="tib-hiddenbox"><p>By increasing the import quota on Australian wool the Chinese government is allowing an increase in the quantity of imported wool from Australia from 36,000 tonnes to 38,000 tonnes.</p></section><p><strong>b. Using a diagram, explain the impact the 38,000-tonne Chinese import quota on wool might have on the market price and quantity of wool imported into China compared to a situation of zero quotas. [4]</strong></p><section class="tib-hiddenbox"><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/wool-quota.jpg" style="float: right; width: 400px; height: 313px;" />The wool quota means the supply of imported wool into China will be reduced. The diagram shows how the market price of wool in China will rise from P to P2 and the quantity of wool imported will fall from Q - Q3 to Q - Q1(38,000 tonnes).</p></section><p><strong>c. Using a demand and supply diagram for clothing, explain the effect an increase in China's import quota on wool from Australia will have on the price of Chinese clothing produced using wool. [4] </strong></p><section class="tib-hiddenbox"><p><img alt="" src="/media/ib/economics/images/textbook/inquiry-case-example-questions/wool-clothing(1).jpg" style="width: 400px; height: 250px; float: right;" />An increase in China's wool quota will mean more imported wool from Australia will enter the Chinese wool market which will cause the price of wool to fall in China. The fall in the price of wool will reduce the cost of clothing manufacturers that use wool. The diagram shows how this will cause the supply curve for wool clothing in China to shift from S to S1 which reduces the market price from P to P1 and increases output from Q to Q1.</p></section><h5>Investigation </h5><p><strong>Research into another country that uses quotas to protect a domestic market. </strong></p></div><div class="blueBg"><h3><strong>Subsidies</strong></h3><h4><strong>Nature of trade subsidies</strong></h4><p>By subsidising domestic producers, governments are giving their producers a cost advantage over foreign producers which acts as a trade barrier. The advantage of subsidies is they can be used as a ‘hidden’ trade barrier because they do not directly restrict imports and governments can claim they are just supporting a key industry rather than restricting trade. Subsidies on domestic firms can also be used to help domestic exporters by giving them a cost advantage in overseas markets. The disadvantage of subsidies is they have to be paid for by using government funds.</p><h4><strong>Graphical analysis of a trade subsidy</strong></h4><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier-7.jpg" style="float: left; width: 400px; height: 295px;" />Diagram 4.9 shows the domestic market for corn in Argentina. In this example, the world price of corn is $5 per bushel with an Argentinean domestic supply of 8 million bushels and domestic demand of 19 million bushels. This means Argentina imports 11 million bushels of corn. If the Argentinian government pays a subsidy to its corn farmers of $2 per bushel the domestic supply of corn shifts downwards by the amount of the subsidy, and the quantity of corn domestically produced corn increases to 12 million bushels. The quantity of imported corn into Argentina falls to 7 million bushels.</p><hr class="hidden" /><p><strong>Impact on stakeholders</strong><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/barrier-8.jpg" style="float: right; width: 400px; height: 293px;" /></p><p>The payment of a subsidy to domestic producers has an impact on domestic consumers, producers and the government. It will also affect foreign producers and overall welfare in society.</p><hr class="hidden" /><p>Diagram 4.10 examines the impact of the subsidy on different stakeholders:</p><ul><li>Domestic producers gain from the subsidy as their total revenue increases from $40 million (5m x $8) to $84 million ($7 x 12). This increases their producer surplus by the yellow shaded area in diagram 4.10.</li><li>The government loses because they have to pay the subsidy which is $24 million ($2 x 12m). This will lead to an opportunity cost in terms of other areas of government expenditure or higher taxation.</li><li>The green-shaded triangle is a welfare loss. This is the loss that occurs because of the costs of inefficient domestic corn producers who enter the market and can only maintain their position because of the subsidy they receive from the government.</li><li>Domestic consumers will not be affected by the subsidy because the price of corn in the Argentinian market does not change.</li><li>The price elasticity of supply corn will determine the change in the Argentinian producer surplus, the subsidy the government pays and the size of the welfare loss.</li></ul></div><div class="pinkBg"><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h4>Inquiry case example - Subsidising solar panels</h4></div></div><div class="panel-footer" style="background-color: rgba(39, 45, 105, 0.1);"><div><p>text</p></div></div></div><p><img alt="" src="/media/ib/economics/images/textbook/diagram-changes/china-solar-panel.jpg" style="float: right; width: 400px; height: 278px;" />In September 2020 President Xi Jinping announced this week that China’s carbon emissions would peak in 2030 and the country would become carbon neutral by 2060. Part of the Chinese strategy to reduce carbon emissions is increased investment in renewable energy and particularly solar power. One aspect of developing solar power is the subsidies paid by the Chinese government to solar panel manufacturers.</p><hr class="hidden" /><p>But a problem with this approach is that other countries in the world see this as a protectionist measure to support China’s solar panel industry. The diagram shows the effect of subsidies paid to China’s solar panel producers.</p><h5><a href="/media/ib/economics/images/textbook/international/trade-barriers/subsidy.pdf" target="_blank" title="Questions"><img class="ico" src="https://assets.inthinking.net/thinkib/icons/question.png" /> Worksheet questions</a></h5><h5><strong>Questions</strong></h5><p><strong>a. Using the information in the diagram calculate:</strong></p><p><strong>(i) The fall in the value of imports of solar panels entering China. [2]</strong></p><section class="tib-hiddenbox"><p>8 million x $120 = $960 million</p></section><p><strong>(ii) Value of the subsidy per unit paid to China’s producers. [2]</strong></p><section class="tib-hiddenbox"><p>$200 -$120 = $80</p></section><p><strong>(iii) Total value of the subsidy paid by the Chinese government. [2]</strong></p><section class="tib-hiddenbox"><p>14 million x $80 = $1,120 million</p></section><p><strong>(iv) Increase in the value of producer surplus of China’s solar panel producers. [2]</strong></p><section class="tib-hiddenbox"><p>(6 million x $80) + ((8 million x $80 /2) = $800 million</p></section><p><strong>(v) Value of the welfare loss of the subsidy. [2]</strong></p><section class="tib-hiddenbox"><p>8 million x $80 / 2 = $320 million</p></section><p><strong>b. Using the data provided and your knowledge of economics, recommend a policy the Chinese government could use to support the growth of its renewable energy industry. [10]</strong></p><section class="tib-hiddenbox"><p>Answers might include:</p><ul><li>An explanation of how protectionist methods such as tariffs, quotas and subsidies can be used to reduce the quantity of imports that compete against China’s sustainable energy.</li><li>Use of the data from the subsidy diagram to illustrate the impact of a subsidy <img alt="" src="/media/ib/economics/images/textbook/inquiry-case-example-questions/demand-for-solar-panels.jpg" style="float: right; width: 400px; height: 282px;" />on the solar panel market in China.</li><li>An explanation of a policy to increase the demand for renewable energy such as state-funded advertising and promotion.</li><li>Diagram to show a policy to support the renewable energy industry from government promotion of the industry which increases the demand for solar panels in the diagram from D to D1.<hr class="hidden" /></li><li>An explanation of other interventionist supply-side approaches such as government investment in infrastructure along with education and training that might support the renewable energy sector.</li><li>An explanation of market-based supply-side approaches that could be used by the Chinese government to support the sustainable energy industry such as tax cuts and deregulation which might encourage growth and innovation.</li><li>An evaluation of the impact of the different policy approaches. This might include discussion of the problems of protectionism such as retaliation and the cost of a subsidy; the cost to the government of spending on infrastructure and education and training; and the loss of income from tax cuts.</li><li>Recommendation of the approach the government might use.</li></ul></section><h5><strong>Investigation</strong></h5><p><strong>Investigate another country that uses subsidies to protect a domestic market. </strong></p></div><div class="blueBg"><h3><strong>Export subsidies</strong></h3><h4><strong>Nature of export subsidies</strong></h4><p>Export subsidies are a payment made by the government to producers on each unit they export. The aim of a government using an export subsidy is to encourage domestic producers to increase the amount they export. By boosting exports, the government might try to support a particular industry, improve its balance of trade position and increase the foreign exchange the country earns.</p><h4><strong>Graphical example of an export subsidy</strong></h4><p><img alt="" src="https://teacher-sites-storage.inthinking.net/ib/economics/images/textbook/international/trade-barriers/norway-cheese-exports-1.jpg" style="float: left; width: 400px; height: 317px;" />Diagram 4.10(1) illustrates the market for cheese in Norway with the quantity demanded domestically 13m units and the quantity supplied 24m units which means 11m units if cheese is exported.</p><hr class="hidden" /><h4>Impact on stakeholders</h4><p><img alt="" src="https://teacher-sites-storage.inthinking.net/ib/economics/images/textbook/international/trade-barriers/norway-cheese-2.jpg" style="width: 400px; height: 317px; float: right;" />Diagram 4.10(2) illustrates the effect of a $1 export subsidy by the Norwegian government on exported cheese. This shifts the domestic supply curve downwards by $1 per unit from S(Norway) to S(Norway1).</p><hr class="hidden" /><p>The export subsidy has the following consequences for the different stakeholders:</p><ul><li>Because this is an export subsidy, the $1 subsidy is paid to Norwegian cheese producers to export cheese which means they will receive a price of $5 ($4 world price plus $1 subsidy) for each unit they export. The Norwegian cheese exporters will choose to export their cheese rather than sell it to the domestic market because they receive $5 rather than $4.</li><li>At the world price plus the subsidy the new quantity supplied is 28m units and the new domestic quantity demanded in Norway is 8m units which mean the quantity of Norwegian cheese exported is 20m units.</li><li>The subsidy benefits Norwegian cheese producers who gain producer surplus equal to area ABCD in the diagram. This will also create more employment in the Norwegian cheese market.</li><li>There is a welfare loss because of the costs of inefficient Norwegian cheese drawn into the market. This is shown by the yellow shaded area in the diagram.</li><li>The Norwegian government will have to pay the export subsidy which is the quantity exported multiplied by the subsidy (28m - 8m) x $1 = $20m.</li><li>Norwegian consumers have to pay $5 ($1 more) more for their Cheese because of the export subsidy. This leads to a welfare loss of consumer surplus equal to the green shaded area in the diagram.</li></ul><h3><strong>Administrative barriers</strong></h3><p>Administrative trade barriers are where the government imposes excessive rules, regulations and bureaucracy on imported goods. Governments can use administrative barriers to try and reduce imports and protect the country’s domestic producers. Administrative barriers can be used as 'hidden' trade restrictions to protect domestic producers and reduce the threat of other countries retaliating.</p><h4><strong>Bureaucracy</strong></h4><p>Governments sometimes put complicated, time-consuming bureaucracy in the way of imports which effectively acts as a trade barrier. The French government once directed the imports of electronics goods through a single customs post in a small town which greatly increased the processing time for imports and acted as a trade barrier.</p><h4><strong>Health and safety standards</strong></h4><p>Governments often impose strict health and safety standards on imported goods which act as trade barriers. The EU has banned the import of hormone-treated beef which acts as a trade barrier to US imported beef, much of which is hormone-treated.</p><h4><strong>Environmental standards</strong></h4><p>Governments can restrict the import of products that they claim do not meet set environmental standards. In the past, the US has restricted imported tuna from Mexico because they claimed the Mexican fishing boats used fishing nets that killed Dolphins.</p><h4><strong>Government contracts</strong></h4><p>Governments can restrict imports by only awarding government contracts to domestic firms. The US recently awarded the contract for the manufacture of all its military uniforms to US producers.</p><h4><strong>Patriotic or nationalistic campaigns</strong></h4><p>Governments can put pressure on their citizens to purchase domestically produced goods by making the purchase of imports seem unpatriotic. Japan is often seen as a country where their cultural pressure to buy domestically produced goods.</p></div><div class="pinkBg"><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h4><strong>Inquiry case example - The difficulties of exporting to Japan</strong></h4></div></div><div class="panel-footer" style="background-color: rgba(39, 45, 105, 0.1);"><div><p>text</p></div></div></div><p><img alt="" src="/media/ib/economics/images/textbook/international/japan-barrier.jpg" style="float: right; width: 265px; height: 219px;" />Japan has relatively low tariffs on imported goods, but it is a difficult market for foreign exporters to enter. Firms trying to enter Japanese markets can come up against:</p><ul><li>Quality standards that are unique to Japan such as safety standards on imported cars.</li><li>Exporters to Japan sometimes have to demonstrate prior experience of trading in Japan which makes it difficult for new entrants to the market.</li><li>Regulations on goods often favour Japanese-produced products and discriminate against foreign products.</li><li>It can be difficult for foreign firms to obtain licences to operate in Japan.</li><li>Japanese businesses and consumers have strong cultural ties that foreign firms struggle to compete with.</li></ul><h5><a href="/media/ib/economics/images/textbook/international/trade-barriers/japan-admin.pdf" target="_blank" title="Questions"><img class="ico" src="https://assets.inthinking.net/thinkib/icons/question.png" /> Worksheet questions</a></h5><h5><strong>Questions</strong></h5><p><strong>a. Define the term administrative trade barrier. [2]</strong></p><section class="tib-hiddenbox"><p>Administrative trade barriers are where the government imposes excessive rules, regulations and bureaucracy on imported goods.</p></section><p><strong>b. Outline how two administrative trade barriers used by Japan to reduce the quantity of imports. [4]</strong></p><section class="tib-hiddenbox"><p>Choose any two administrative barriers from:</p><ul><li>High safety standards on imported cars make it difficult for foreign manufacturers to enter the Japanese market.</li><li>Limiting the licenses available to foreign manufacturers which they need to enter the Japanese market.</li><li>Only allowing firms to import into the Japanese market who have previous experience of trading in Japan.</li><li>Creating large amounts of bureaucracy for businesses that import into Japan.</li></ul></section><p><strong>c. Explain two reasons why the Japanese government might choose administrative trade barriers instead of tariffs or quotas. [4]</strong></p><section class="tib-hiddenbox"><p>The Japanese government might choose administrative barriers because:</p><ul><li>They are not as official as tariffs and quotas are may not attract retaliation from other countries.</li><li>They can be targeted at specific trade issues such as health and safety and product standards. </li></ul></section><h5><strong>Investigation</strong></h5><p><strong>Investigate the administrative trade barriers another country uses to reduce imports. </strong></p></div><div class="blueBg"><h3><strong>Reasons why governments restrict free trade</strong></h3><p>All governments around the world are involved in some form of protectionism. The extent of protectionism depends on the nature of the government and the political situation. For example, US trade policy over the last four years has been much more protectionist. The reasons why governments use protectionism are analysed below.</p><h4><strong>To protect new industries (infant/sunrise industry argument)</strong></h4><p>When a country is trying to develop an industrial base, governments put trade barriers in place to protect a new industry against foreign competition. This allows the domestic firm time to build the economies of scale needed to compete and become established in international markets. The electric vehicle battery industry in South Korea has been heavily subsidised in recent years to allow the market to become established.</p><h4><strong>Economically least developed country (ELDC) diversification</strong></h4><p>The use of trade barriers by economically less developed countries is seen as a development strategy similar to the infant industry argument. By using tariffs, quotas and subsidies ELDCs can diversify away from primary commodity production to growing markets in manufactured goods. For example, many African countries have used trade barriers to develop their renewable energy sectors such as manufacturing solar panels.</p><h4><strong>Declining industry (sunset industry argument)</strong></h4><p><img alt="" src="/media/ib/economics/images/textbook/international/steel-protection.jpg" style="float: left; width: 360px; height: 196px;" title="https://www.mirror.co.uk/news/politics/fabian-society-community-union-reveal-11527659" />Industries are often in decline because they cannot compete with overseas producers. This has been the case with US steel producers who called for tariffs because of low-priced competition from Asia and Eastern Europe. </p><hr class="hidden" /><p>This type of approach is normally used because of the unemployment a decline in a major industry causes, along with regional deprivation where communities are adversely affected when an industry collapses. This has been the case in the ‘Rust Belt’ steel towns of the Midwest in the United States.</p><hr class="hidden" /><h4><strong>Unemployment</strong></h4><p>This can be linked to the previous point of protecting declining industries. Historically governments have often responded to a recession and rising unemployment by applying trade barriers. This was the case in the 1930s when the Great Depression led to increased protectionism amongst trading nations. The Smoot-Hawley Tariff Act of 1930 in the US raised tariffs on 20,000 imported products in an attempt to deal with the Great Depression. </p><h4><strong>To raise revenue</strong></h4><p>Tariffs can be a source of government finance, particularly for developing countries that find it difficult to raise revenue through direct and indirect taxation. The revenue raised depends on the price elasticity of demand for the imported product. If the product is price inelastic then the revenue raised will be significant, but this may well mean a tariff on a necessity product like imported food has a negative effect on poorer consumers in the developing country.</p><h4><strong>To deal with a balance of payments current account deficit</strong></h4><p>A government may respond to a deficit in its current account by putting trade barriers on imported goods and reducing import expenditure. Because of possible retaliation by other countries this approach may yield short-term improvements but may lead to a fall in export revenue in the long term.</p><h4><strong>Anti-dumping</strong></h4><p>Dumping occurs when producers export products to another country and sell them at a very low price (sometimes below unit cost). Dumping is also evident when a country’s producers set a price below the level charged in their own domestic economy. The Chinese solar panel industry has been accused of dumping its products in the European Union.</p><h4><strong>Unfair competition</strong></h4><p>Many countries use trade barriers to protect their domestic markets from what they see as unfair competition. For example, the EU argues that its trade barriers on textiles are in place because the competition in manufactured clothing from low-cost producers in Asia is unfair. Low wages and poor working conditions of ‘sweatshops’ in some exporting countries are seen as an unfair advantage.</p><h4><strong>Health and safety standards</strong><img alt="" src="/media/ib/economics/images/textbook/international/chlorine-chicken.jpg" style="float: right; width: 335px; height: 251px;" title="https://www.thenational.scot/news/18498653.uk-government-ready-allow-import-us-chlorine-washed-chicken/" /></h4><p>Governments sometimes impose trade barriers on products that do not meet domestic standards such as EU restrictions on chlorine-washed chicken from the United States. The EU believes that poultry farming standards in the US do not meet the necessary animal welfare level so will not allow the import of chlorine-washed chicken. </p><hr class="hidden" /><h4><strong>Environmental standards</strong></h4><p>Countries sometimes choose to put trade barriers on goods because of environmental concerns. For example, the EU threatened wide-ranging trade barriers against Brazil two years ago because of the burning of areas of the Amazon rainforest.</p><h4><strong>Strategic reasons</strong></h4><p>Governments sometimes protect an industry because it has strategic importance. If, for example, a country was involved in a political conflict it might want to be able to rely on its own food, energy and steel industries. A country like Israel, for example, is constantly under threat from surrounding countries and believes in the importance of maintaining food security by protecting its agricultural industry.</p><h4><strong>Retaliation</strong></h4><p>An important consequence of a country imposing trade barriers on another country’s industry is retaliation by the country affected by the trade barriers. In extreme cases, this can lead to a trade war where each country in a trade dispute puts increasing trade barriers on each other's goods. The trade dispute between America and China over the last 3 years has seen trade barriers and retaliation by both countries. Retaliation means an industry unrelated to a trade barrier being imposed can be affected. For example, when the US put trade barriers on EU steel the EU responded by putting a tariff on Harley Davison motorcycles. </p><h4><strong>Evaluation of protectionism</strong></h4><p>The overall belief of economists is that countries benefit from free trade and these arguments are set out in chapter 4.1. The benefit of free trade means that trade barriers are a cost to society. These costs have been identified in the different trade barriers covered in this chapter.</p><p>Costs of protectionism:</p><ul><li>Higher import prices for consumers and reduced consumer surplus</li><li>Welfare loss of consumers who no longer buy an imported good</li><li>Increased import costs for businesses</li><li>Welfare loss of inefficient production</li><li>Reduced consumer choice</li><li>Costs to the government of managing quotas and other trade barriers</li><li>Retaliation against export industries.</li></ul><p>There are, however, some situations where trade barriers can be a benefit to a country although retaliation will weaken these benefits.</p><p>Benefits of protectionism:</p><ul><li>Can improve protect environmental and health and safety standards</li><li>Allows a country to develop an industrial base</li><li>Can be used to raise tariff revenue</li><li>Reduces unfair competition and dumping</li><li>Reduces the speed of industrial decline</li><li>Protects employment.</li></ul><p><strong>Politics and protectionism</strong></p><p>Because governments impose trade barriers there is a huge amount of politics involved in decisions to apply trade barriers. Trade restrictions are often put in place in response to political lobbying by powerful interest groups who put pressure on politicians who, in their desire to get re-elected, push for trade restrictions. President Trump has used US tariffs on imported manufactured goods as part of a political strategy as well as an economic one. For example, many of the ‘Rust Belt’ steel towns that have benefited from trade barriers on steel are so-called ‘swing states’, which are very important for winning the US presidential election.</p></div><div class="pinkBg"><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h4><strong>Inquiry case example - Trump’s steel tariffs</strong></h4></div></div><div class="panel-footer" style="background-color: rgba(39, 45, 105, 0.1);"><div><p>text</p></div></div></div><p><img alt="" height="281" src="/media/ib/economics/images/textbook/international/steel-tariffs.jpg" style="float: left;" width="360" />Granite City is a city in Madison County, Illinois is a steel town. It has been in decline and it has found it difficult to compete for cheaper foreign producers in recent years. That was until Donald Trump’s policy of putting tariffs on imports. In 2018 the US government imposed a 25% tariff on steel and a 10% tariff on aluminium imports in an attempt to revive the US steel industry.</p><hr class="hidden" /><p>President Trump visited the revived steel mill in Granite City yesterday to take credit for jobs created by American tariffs against China and other steel producers. A crowd of steelworkers wearing the signature red MAGA baseball hats cheered Trump as he spoke triumphantly of reopening this ‘monster plant’. Imposing trade barriers and bringing back American jobs was one of Trump’s promises from the 2016 election campaign.</p><p>But his triumphal message comes at some cost. Midwestern soybean farmers have been caught in the crossfire of Trump’s trade war with China imposing tariffs on US soybeans.</p><p><a href="/media/ib/economics/images/textbook/international/trade-barriers/us-steel-tariffs.pdf" target="_blank" title="Questions"><img class="ico" src="https://assets.inthinking.net/thinkib/icons/question.png" /> Worksheet questions</a></p><h5><strong>Questions</strong></h5><p><strong>a. Explain three reasons why the US government imposed tariffs on imported steel. [10]</strong></p><section class="tib-hiddenbox"><p>Answers might include:<img alt="" src="/media/ib/economics/images/textbook/diagram-changes/steel-tariffs.jpg" style="float: right; width: 400px; height: 320px;" /></p><ul><li>Definitions of tariffs and imports.</li><li>A diagram to show the effect of tariffs on the market for steel in the US.</li><li>An explanation of how tariffs reduce the quantity of imported steel from Q-Q2 to Q3-Q4 in the diagram.</li><li>An explanation that the US government might have imposed tariffs to support a declining industry.</li></ul><hr class="hidden" /><ul><li>An explanation that the US government might have imposed tariffs to reduce unemployment in the steel and related industries.</li><li>An explanation that the US government might have imposed tariffs because steel is a strategically important industry to the US economy.</li></ul></section><p><strong>b. Using a real-world example, evaluate the view that tariffs are always bad for the country that imposes them. [15]</strong></p><section class="tib-hiddenbox"><p>Answers might include:<img alt="" src="/media/ib/economics/images/textbook/diagram-changes/steel-tariffs.jpg" style="float: right; width: 400px; height: 320px;" /></p><ul><li>Definition of tariffs.</li><li>A diagram to show the impact of tariffs on different stakeholders in the economy.</li><li>An explanation of the negative consequences of a tariff such as a higher price of imports, fall in consumer surplus, higher cost of imported inputs for businesses, welfare losses and the effect on exporters because of retaliation from foreign countries. </li><li>The use of an example such as the US tariffs imposed on imported steel.</li></ul><hr class="hidden" /><ul><li>Evaluation might include discussion of the benefits of a tariff to a country such as an increase in domestic producer surplus, the tariff revenue gained by the government, the businesses protect by the tariff and the jobs protected by the tariff.</li></ul></section><h5><strong>Investigation</strong></h5><p><strong>Research the US government's approach to protectionism. </strong></p></div><div class="panel" style="box-shadow: rgba(38, 0, 0, 0.3) 0px 10px 30px -15px; border-color: rgb(124, 7, 21);"><div class="panel-heading" style="background-color: rgb(124, 7, 21);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p>Thinking about a key concept - Intervention</p></div></div><div class="panel-body" style="background-color: inherit;"><p>A 2018 poll of economists conducted by a US-based investment bank found that 93 per cent of them believed that trade policies to increase free trade had benefited US citizens. So why is there so much pressure on governments to intervene in international markets and restrict free trade? They might be listening to the 7 per cent who think free trade does not benefit US citizens. It is, however, more likely that politics is more important in trade policy than economics.</p><p><strong>Perhaps all state intervention in the economy is more about achieving political objectives rather than economic objectives. To what extent do you think this statement is true?</strong> </p><div><p><span style="color: rgb(77, 81, 86); font-family: arial, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"></span></p></div></div><div class="panel-footer" style="background-color: rgba(124, 7, 21, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 19, 0.3) 0px 10px 30px -15px; border-color: rgb(39, 45, 105);"><div class="panel-heading" style="background-color: rgb(39, 45, 105);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h3>Now test yourself</h3></div></div></div><div class="tib-quiz" data-quiz-id="1327" data-structure="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" data-score-answers="6d4a526a457a48584f763758344a7649472f76324c53614b78524c393439595570496d5a5971374b38686f3d"><div class="exercise"><div class="q-question"><p>Which of the following is unlikely to be a benefit of imposing a tariff on a good?</p></div><div class="q-answer"><p><label class="radio" data-answer="5f3b5618a58a76a75b7436fe4a578a99"><input type="radio" /><span> Raises revenue for the government</span></label></p><p><label class="radio" data-answer="381ca18af39eab394b552dff90964e4e"><input type="radio" /><span> Protects a declining industry</span></label></p><p><label class="radio" data-answer="dca64ca583c8a4d32fb391999618845d"><input type="radio" /><span> Increases domestic producer surplus</span></label></p><p><label class="radio" data-answer="c837847e7c2531a8c878197b5e30367e"><input type="radio" /><span> Reduces domestic consumer surplus</span></label></p></div><div class="q-explanation"><p>Trade barriers normally increase domestic prices which reduces the domestic consumer surplus.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Using the information in the diagram which of the following is true?</p><p><img alt="" height="267" src="/media/ib/economics/images/textbook/mc-questions/tariffs.jpg" style="float: left;" width="310" /></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p></div><div class="q-answer"><p><label class="radio" data-answer="44b628f7d360c187b85ac02d7d22f797"><input type="radio" /><span> A 20% tax has been imposed on the market</span></label></p><p><label class="radio" data-answer="bad6c71291d7d924a19e0f9eff47e825"><input type="radio" /><span> The quantity of imports has been reduced by the tariff from 80 million to 70 million units</span></label></p><p><label class="radio" data-answer="f9c70a09e2bcff2b7465ab56c1112ee2"><input type="radio" /><span> The domestic producer surplus decreases</span></label></p><p><label class="radio" data-answer="b1953605fb78d04f0ca7005ee5c815af"><input type="radio" /><span> Tariff revenue is <dollar>$</dollar>2Bn</span></label></p></div><div class="q-explanation"><p>50m x <dollar>$</dollar>40 = <dollar>$</dollar>2000m or <dollar>$</dollar>2Bn</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Using the quota diagram which of the following statements is untrue?</p><p><img alt="" height="256" src="/media/ib/economics/images/textbook/mc-questions/quota-mc.jpg" style="float: left;" width="329" /></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p></div><div class="q-answer"><p><label class="radio" data-answer="e84de8b91a055af71ace2b8559194017"><input type="radio" /><span> The green area is again in domestic producer surplus</span></label></p><p><label class="radio" data-answer="be40421f57b3204bcbbfe842fda1791f"><input type="radio" /><span> The yellow area is the welfare loss of people who no longer buy the good</span></label></p><p><label class="radio" data-answer="64bfaae00f8fd7c478bb1026866fbe32"><input type="radio" /><span> The blue shaded area is a gain in government revenue</span></label></p><p><label class="radio" data-answer="799eef62fc06533bdf4c2d018aba7acc"><input type="radio" /><span> The red shaded is the welfare loss of inefficient domestic producers in the market</span></label></p><p><label class="radio" data-answer="d41d8cd98f00b204e9800998ecf8427e"></label></p></div><div class="q-explanation"><p>The blue shaded area is a gain in foreign producer surplus.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>4. Using the subsidy diagram which of the following is not true?</p><p><img alt="" height="245" src="/media/ib/economics/images/textbook/mc-questions/subsidy-trade.jpg" style="float: left;" width="328" /></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p></div><div class="q-answer"><p><label class="radio" data-answer="ace19190fb3118bfbad6a60da3f9fdd1"><input type="radio" /><span> The value of the welfare loss is <dollar>$</dollar>1,000</span></label></p><p><label class="radio" data-answer="dc5255e00dd3035342fb1aafca37de2d"><input type="radio" /><span> The value of the gain in producer surplus is <dollar>$</dollar>5,000</span></label></p><p><label class="radio" data-answer="d41566d2941dca75d5cc249c5e280408"><input type="radio" /><span> The value of consumer expenditure on the good is <dollar>$</dollar>28,500</span></label></p><p><label class="radio" data-answer="aa8f06da0e51be2679f48c4d88102573"><input type="radio" /><span> The value of imports after the subsidy is <dollar>$</dollar>9,500</span></label></p></div><div class="q-explanation"><p>(19,000 - 12,000) x <dollar>$</dollar>1.50 = <dollar>$</dollar>10,500</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following reasons for imposing tariffs is the least justifiable?</p></div><div class="q-answer"><p><label class="radio" data-answer="6fad2d6881a853b3918b01156e79c2ee"><input type="radio" /><span> An ELDC trying to raise government revenue</span></label></p><p><label class="radio" data-answer="c4d553840ddb9f5a3ede279e51f5afef"><input type="radio" /><span> To prevent a foreign manufacturer from dumping goods in the domestic economy</span></label></p><p><label class="radio" data-answer="66b7c76c0e02fd427e1b334bf1f66f8a"><input type="radio" /><span> An MEDC reducing a balance of payments current account deficit</span></label></p><p><label class="radio" data-answer="c026c9888d4ed54756b3dc8147e655c1"><input type="radio" /><span> To stop imported meat that has been produced using lower animal welfare standards</span></label></p></div><div class="q-explanation"><p>There are more effective policies for an MEDC to use to reduce a current account deficit.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is an administrative barrier to trade?</p></div><div class="q-answer"><p><label class="radio" data-answer="3f413cee116227324c14b5758164c4e5"><input type="radio" /><span> Limit put on the quantity of imported cars</span></label></p><p><label class="radio" data-answer="cbea3d11f09f6b6b1e39103e9f8d8a3c"><input type="radio" /><span> Police cars only being bought from a domestic manufacturer</span></label></p><p><label class="radio" data-answer="d7bfef5a8e225601bdad6a6a60b744f5"><input type="radio" /><span> Tax imposed on imported steel</span></label></p><p><label class="radio" data-answer="648676e4f51d2a0648b9f79ef2b6ad92"><input type="radio" /><span> Funds paid to domestic sheep farmers</span></label></p></div><div class="q-explanation"><p>Police cars being bought from a domestic producer is an administrative barrier. </p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is the least likely consequence of Country A imposing an import quota on rice to reduce the quantity of rice imported?</p></div><div class="q-answer"><p><label class="radio" data-answer="930b7b101d43a3fbc2e16dd8e87d0865"><input type="radio" /><span> The domestic producer surplus will increase</span></label></p><p><label class="radio" data-answer="0c80332e041d336513599ba58eeb880d"><input type="radio" /><span> The domestic consumer surplus will increase</span></label></p><p><label class="radio" data-answer="2ae167487b5c9589ed612e1068f05eef"><input type="radio" /><span> The price of rice will rise in Country A</span></label></p><p><label class="radio" data-answer="6ce4f70999e32d235aee934bc633e9b4"><input type="radio" /><span> The quantity of rice imported will be the amount of the quota</span></label></p></div><div class="q-explanation"><p>Because the price of rice rises in Country A the domestic consumer surplus will decrease.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is the least likely reason for Country A to put quotas on imported goods?</p></div><div class="q-answer"><p><label class="radio" data-answer="262656c17d933d42e800b8892e006cd5"><input type="radio" /><span> To reduce a balance of payment current account deficit</span></label></p><p><label class="radio" data-answer="f7113e154bb3c2c06890a4776249431a"><input type="radio" /><span> To raise government revenue</span></label></p><p><label class="radio" data-answer="12e078d1bd07effd64a73cfbc0fc6592"><input type="radio" /><span> To reduce the quantity of imports</span></label></p><p><label class="radio" data-answer="d67a3103a1216f21d01d3de841dbbf14"><input type="radio" /><span> To protect domestic producers from foreign competition</span></label></p></div><div class="q-explanation"><p>Quotas are a limit on imported goods and do not raise revenue for the government.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is an example of ‘dumping’ in international trade?</p></div><div class="q-answer"><p><label class="radio" data-answer="e3d1d1eeb19b0bd179078557fc944aa9"><input type="radio" /><span> Destroying surplus production of an agricultural good</span></label></p><p><label class="radio" data-answer="08e2515533f6342d794f1b7179c0fc5e"><input type="radio" /><span> Sending industrial waste to a country for disposal</span></label></p><p><label class="radio" data-answer="d7a5f8caca6828c887c1f6e59eba8b11"><input type="radio" /><span> Exporting at a price below average total cost</span></label></p><p><label class="radio" data-answer="170bc0b5fd1cc626dc5d2d5f461473a7"><input type="radio" /><span> Exporting inferior to goods ELDCs</span></label></p></div><div class="q-explanation"><p> </p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Why might a government choose a quota rather than a tariff to reduce the quantity of imports?</p></div><div class="q-answer"><p><label class="radio" data-answer="de627a949a60a967fc09c80b556ba55a"><input type="radio" /><span> There is no welfare loss associated with a quota</span></label></p><p><label class="radio" data-answer="155319b7e55a7b2809f5c6c3595fa2c7"><input type="radio" /><span> A quota is more likely to reduce the quantity of imported goods by a target amount</span></label></p><p><label class="radio" data-answer="1a70336099aceb6e88c1d95faa2e38e7"><input type="radio" /><span> The price of imported goods is less likely to increase when a quota is used</span></label></p><p><label class="radio" data-answer="8830f999c324dc9de1ee680d05f1ea1a"><input type="radio" /><span> Other countries are less likely to retaliate against a quota</span></label><br /> </p></div><div class="q-explanation"><p>A quota is more likely than a tariff to reduce the quantity imported because it does not rely on a set fall in domestic quantity demanded. </p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="totals"><span class="score">Total Score: </span><button class="btn btn-success check-total"><i class="fa fa-check-square-o"></i> Check</button></div></div><hr><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
</section>
</div>
</article>
</div><!-- /#main-column -->
</div>
</div><!-- /#content -->
</div>
</div>
<div id="footer" class="student-access">
<div class="wmap">
<div class="layout-wrapper">
<p>
© <script>document.write(new Date().getFullYear())</script> <em>InThinking</em>
|
<a target="_self" href="https://thinkib.net/subscribe/about-us">
About us
</a>
|
<a target="_self" href="https://thinkib.net/subscribe/legal">
Legal
</a>
|
<a target="_self" href="https://thinkib.net/subscribe/contact">
Contact
</a>
</p>
<p>
<a class="social" target="_blank" href="https://twitter.com/#!/inthinker">
<img src="https://assets.inthinking.net/social/twitter-square.svg"> Twitter
</a>
<a class="social" target="_blank" href="https://www.facebook.com/inthinking.net">
<img src="https://assets.inthinking.net/social/facebook-square.svg"> Facebook
</a>
<a class="social" target="_blank" href="https://www.linkedin.com/company/9s4we1">
<img src="https://assets.inthinking.net/social/linkedin-square.svg"> LinkedIn
</a>
</p>
</div>
</div>
</div>
<input id="tzoffset" type="hidden" value="-7200" /><div id="modal-session-expired" class="modal fade" tabindex="-1" role="dialog" data-backdrop="static" data-keyboard="false">
<div class="modal-dialog" role="document">
<div class="modal-content">
<div class="modal-header">
<h3 style="margin-top: 0">Your session has expired</h3>
</div>
<div class="modal-body" style="padding: 10px;">
<p>You will have to reload and log in again.</p>
</div>
<div class="modal-footer">
<a id="session-expired" class="btn btn-danger pull-right" href="#">
<i class="fa fa-refresh"></i> Reload
</a>
</div>
</div>
</div>
</div>
<!-- Loading scripts at the end of the body means faster page loading -->
<script src="/js/jquery-1.10.2.min.js"></script>
<script src="js/bootstrap.min.js"></script>
<script type="text/javascript" src="js/jq-fancybox/jquery.fancybox.pack.js"></script>
<script src="/js/sidemenu/sidemenu.min.js?v=202011301145"></script><script src="/js/std-access/std-assignments-utils.min.js?v=202305221900"></script><script src="/js/std-access/std-comments-utils.min.js?v=202305221900"></script><script src="/js/std/std-task-utils.min.js?v=202305221900"></script><script src="/js/jq-mark.js/jquery.mark.min.js"></script><!-- MathJax only to render Math ML -->
<!--<script src="https://cdnjs.cloudflare.com/ajax/libs/mathjax/2.7.0/MathJax.js?config=TeX-AMS-MML_HTMLorMML"></script>-->
<script src="https://cdnjs.cloudflare.com/ajax/libs/mathjax/2.7.0/MathJax.js?config=MML_HTMLorMML"></script>
<style>
.math-tex {
font-size: 1.15em !important;
}
.math-tex span.ML__text {
/*font-family: inherit !important;*/
}
.ML__text + .ML__mathit {
margin-left: 0 !important;
}
.math-tex img, .math-tex + img, span img {
box-shadow: none;
margin: 0;
}
body {
--keycap-height: 39px;
--keycap-font-size: 16px;
--keycap-shift-font-size: 9px;
--keycap-small-font-size: 9px;
--keycap-extra-small-font-size: 9px;
--keyboard-toolbar-font-size: 16px;
--keycap-gap: 1px;
}
</style>
<script src="https://unpkg.com/mathlive/dist/mathlive.min.js" async defer></script>
<script src="https://unpkg.com/@cortex-js/compute-engine" async defer></script>
<script type="text/javascript" src="/js/cortexjs-utils.min.js?v=20230810"></script>
<script>
window.addEventListener('load',
() => MathLive.renderMathInDocument()
);
</script>
<script>var isStudent = true;var siteName = "economics";</script><script type="text/javascript" src="/js/tib-quizzes-utils.min.js?v=20230810"></script>
<script>function af3b9cc0ab6ba20bc(gradeQuiz) {
var url = '/pages/quizzes/get-structure.php',
data = {
'ticket' : $('#ticket').val(),
'data-structure': gradeQuiz.dataStructure,
'score-answers' : gradeQuiz.scoreAnswers,
'std-answers' : gradeQuiz.stdAnswers,
'n-question' : gradeQuiz.nQuestion,
'std-task-id' : gradeQuiz.taskStdId,
'quiz-seconds' : gradeQuiz.quizSeconds,
'is-exam' : gradeQuiz.isExam,
'student-ID' : typeof studentID !== 'undefined' ? studentID : '',
'task-ID' : $('#task-ID').length ? $('#task-ID').val() : '',
'chk-correctness': gradeQuiz.button.data('chk-correctness') ? '1' : '0'
};
$.post(url, data, 'json').done(function(response){
var r = JSON.parse(response);
if (r.success == 1) {
if (gradeQuiz.checkTotal) {
logQuiz(gradeQuiz.button, gradeQuiz.quiz, r, gradeQuiz.notRequired);
} else {
// Check single exercise both from teacher and student side
if (!r.ss || !r.sa) {
alert('You cannot do this task again until after the deadline');
return false;
}
var logger = {};
var mScoreMark = checkExercise(gradeQuiz.exercise, r, gradeQuiz.nQuestion);
//Only needed on Student Access: one by one question log
if (typeof quizLogger === 'function') {
logger = quizLogger(gradeQuiz.quiz, mScoreMark, false);
}
//Only needed on Student Access
if (typeof saveQuizLog === 'function' && !$.isEmptyObject(logger)) {
saveQuizLog(logger, 10, 0);
}
gradeQuiz.button.remove();
}
}
if (r.success == 2) {
sendLogs = false;
// Show score only if allowed to show it
if (r.ss) {
var totalScore = r.score;
var totalMark = r.mark;
var scoreContainer = $('a.check-total').closest('.totals').find('span.score');
if (totalScore == 100) { scoreContainer.addClass('A'); }
else if (totalScore > 70) { scoreContainer.addClass('B'); }
else if (totalScore > 50) { scoreContainer.addClass('C'); }
else if (totalScore > 30) { scoreContainer.addClass('D'); }
else { scoreContainer.addClass('E'); }
scoreContainer.append('<strong>'+ totalMark +'</strong> <small style="opacity: .8">('+ totalScore +'%)</small>');
} else {
$('#quiz-checker').find('.score-container').remove();
}
$('#task-completed-badge').show();
$("html, body").animate({ scrollTop: $('#task-completed-badge').position().top });
controlExamInCombinedTask();
gradeQuiz.button.remove();
}
if (r.success == 0) {
alert(r.msg);
}
});
}
$(document).ready(function(){
if (!$('#ticket').length) {
var inputTicket = '<input type="hidden" id="ticket" value="fd6a5e8a06cfccf2">';
$('body').append(inputTicket);
}
$('section').on('click', '.tib-quiz #save-quiz-progress', function(e) {
e.preventDefault();
let button = $(this);
button.html("<i class=\"fa fa-fw fa-spinner fa-spin colored\"></i> Saving...");
setTimeout(function() {
button.html("<i class=\"fa fa-fw fa-check colored\"></i> Saved!");
}, 2000);
setTimeout(function() {
button.html("<i class=\"fa fa-fw fa-save\"></i> Save progress");
}, 4500);
});
/**
* Quiz final green CHECK button
*/
$('section').on('click', '.tib-quiz .check-total', function(e) {
e.preventDefault();
var body = $('body');
var button = $(this);
var quiz = $(this).closest('.tib-quiz');
var dataStructure = quiz.attr('data-structure');
var scoreAnswers = quiz.attr('data-score-answers');
var notRequired = false;
var taskID = $('#task-ID').length ? $('#task-ID').val() : '';
var taskStdId = $('#std-task-id').length ? $('#std-task-id').val() : '';
//Only for combined tasks
if (typeof button.attr('data-task-id') !== 'undefined') {
var taskID = button.attr('data-task-id');
$('#task-ID').val(taskID);
}
if (typeof button.attr('data-combined-task-required') !== 'undefined' && button.attr('data-combined-task-required') === 'short-answer') {
notRequired = true;
}
if (typeof scoreAnswers == 'undefined') {
scoreAnswers = null;
}
var quizSeconds = '';
if (typeof amountSecs != 'undefined') {
quizSeconds = amountSecs;
}
var isExam = false;
if (typeof examTime != 'undefined') {
isExam = true;
}
body.css('cursor', 'wait');
// Remove grade-by-question 'save progress' button
if ($('#save-quiz-progress').length) {
$('#save-quiz-progress').remove();
}
$.when(
// Collect the std answers
checkAllExercises(quiz)
).then(
function(stdAnswers) {
var gradeQuiz = {
button: button,
quiz: quiz,
dataStructure: dataStructure,
scoreAnswers: scoreAnswers,
stdAnswers: stdAnswers,
checkTotal: true,
nQuestion: null,
exercise: null,
notRequired: notRequired,
taskStdId: taskStdId,
quizSeconds: quizSeconds,
isExam: isExam
};
af3b9cc0ab6ba20bc(gradeQuiz);
body.css('cursor', 'default');
// Was the task already submitted time ago
if( $('#task-completed-badge').hasClass('already-submitted')) {
$('#task-completed-badge').show();
$('#return-my-tasks-q').show();
$("html, body").animate({ scrollTop: $('#task-completed-badge').position().top });
}
}
);
});
/**
* Quiz exercise individual CHECK button
*/
$('section').on('click', '.exercise .btn.check', function(e) {
e.preventDefault();
var body = $('body');
var button = $(this);
var exercise = button.closest('div.exercise');
var quiz = $(this).closest('.tib-quiz');
var dataStructure = quiz.attr('data-structure');
var scoreAnswers = quiz.attr('data-score-answers');
var nQuestion = 0;
//Only for combined tasks
if (typeof $('.check-total').attr('data-task-id') !== 'undefined') {
var taskID = $('.check-total').attr('data-task-id');
$('#task-ID').val(taskID);
}
if (typeof scoreAnswers == 'undefined') {
scoreAnswers = null;
}
var gradeQuiz = {
button: button,
quiz: quiz,
dataStructure: dataStructure,
scoreAnswers: scoreAnswers,
checkTotal: false,
nQuestion: nQuestion,
exercise: exercise,
notRequired: false,
};
body.css('cursor', 'wait');
quiz.find('.exercise').each(function(){
if ($(this)[0] == exercise[0]) {
$(this).find('.q-answer').find('input').attr('disabled', true);
if (quiz.find('.exercise .btn.check').length === 1) {
quiz.find('.check-total').trigger('click');
return;
}
gradeQuiz['nQuestion'] = nQuestion;
af3b9cc0ab6ba20bc(gradeQuiz);
body.css('cursor', 'default');
}
nQuestion++;
});
});
/**
* Quiz exercise individual RESET button
*/
$('section').on('click', '.exercise .btn.reset', function(e) {
e.preventDefault();
var btn_reset = $(this);
var exercise = $(this).closest('div.exercise');
var quiz = $(this).closest('.tib-quiz');
var url = '/pages/quizzes/get-self-study-question.php',
data = {
'ticket' : $('#ticket').val(),
'question-id' : exercise.data('id') ? exercise.data('id') : null
};
btn_reset.html('<i class="fa fa-spinner fa-spin"></i> Reset ');
$.post(url, data, function(response)
{
if(response['success'] == '1') {
var question = $('<div />').html( response['html'] );
if (question.find('div.exercise').length === 1) {
$.when(
exercise.html(question.find('div.exercise')[0].innerHTML)
).then(
tibQuiz(quiz),
limitMultipleChoiceAnswers(exercise),
dragOver(),
dragLeave(),
drop(),
bindDraggables(),
alertMaxCorrectAnswers(quiz),
addLettersBeforeOptions(false, exercise),
MathLive.renderMathInDocument()
);
}
}
else if (response['success'] == '0') {
btn_reset.html('<i class="fa fa-repeat"></i> Reset ');
alert(response['msg']);
}
}, 'json');
});
});</script>
<script type="text/javascript" src="/js/tib-quizzes.min.js?v=20230810"></script><script src="/js/header-circle.min.js?v=202305221900"></script><script type="text/javascript" src="/js/cookies.min.js"></script>
<script type="text/javascript">
// The cookies alert
if (! readCookie("displayCookieConsent") && ! readCookie("y") ) {
var cookieMSG = "We use cookies. By continuing to use this website you are giving consent to cookies being used.";
setTimeout(function() {
$.ajax({
cache: true,
url: "js/cookiechoices.js",
dataType: "script",
success: function () {
cookieChoices.showCookieConsentBar(cookieMSG, 'close', 'Read more', "economics/legal#cookies");
}
});
}, 2000);
}
</script><script>var sAJAX='/pages/activity/user-stats-page.php?t=fd6a5e8a06cfccf2&x=8405';var sData='0ebg+I>F/4F[IxZc+iZsoiQ1+jn2UjpCqiT2UM]Q]MkfIxZQo|c8U-kenV])LmbCqvr)2mb9LvT4Lvc9o|cMot/6/OnQ+|>9oNw1o[/z/On8LN>coOk[UxbOqNuc2|w6IicY/4FS]eg[2|TMojTe+iTaLmcgqt/z/OpCqir[UxbeqIn9LIb4qTZ1qx/z/4]Q]Mkf/O8=';var loopSecs = 30;var lsKey = '3afc1fe4c8e25a4625760ee325ec7a67';</script><script src="/js/user/user-stats-page.min.js?v=202102101800"></script><script>var sessionUpdateSecs = 600;</script><script type="text/javascript" src="/js/session-updater.js?v=20200831"></script>
<script type="text/javascript">
$(document).ready(function(){
function padLeft(str,max){return str.length<max?padLeft("0"+str,max):str}function padRight(str,max){return str.length<max?padRight(str+"0",max):str}$("body").on("click",'a[href="#"], a.fancybox-nav, a[data-toggle="tab"], a[data-toggle="dropdown"], a[data-toggle="collapse"], a[data-toggle="modal"]',(function(e){e.preventDefault()}));var topmenuOffset=0,topmenuHeight=0;function fixDiv(t,h){$(window).scrollTop()<topmenuOffset||$("#topmenu ul.level-1").is(":visible")?($("#topmenu").css({position:"",width:""}),$("#topmenu").removeClass("fixed-top"),$("body").css({"padding-top":"0"})):($("#topmenu").css({position:"fixed",top:"0",width:$("#topmenu").width()+"px"}),$("#topmenu").addClass("fixed-top"),$("body").css({"padding-top":topmenuHeight+"px"}))}function fixSearchNav(){var searchMenuTop=topmenuOffset+topmenuHeight,searchMenuH=$("#nav-menu-search").is(":visible")?$("#nav-menu-search").outerHeight():0;if($(window).scrollTop()>searchMenuTop-topmenuHeight){var borderBottomWidth=parseInt($("#topmenu").css("borderBottomWidth"))+1;$("#nav-menu-search").css({position:"fixed",top:topmenuHeight+borderBottomWidth+"px",left:"0",right:"0"}),$("#nav-menu-search").addClass("fixed-top"),$("body").css("padding-top",topmenuHeight+searchMenuH+"px")}else $("#nav-menu-search").css({position:""}),$("#nav-menu-search").removeClass("fixed-top"),$("body").css("padding-top","0")}$("#topmenu").length&&(topmenuOffset=$("#topmenu").offset().top,topmenuHeight=$("#topmenu").outerHeight(),fixDiv(),$(window).scroll((function(){fixDiv(),fixSearchNav()}))),$("a.toggle-menu-search").on("click",(function(e){e.preventDefault(),$("#nav-menu-search").slideToggle("fast",(function(){$(this).find('input[name="s"]').focus()}))}));var menuH=$("#topmenu").height(),itemH=$("#topmenu > nav > ul > li").height();function fancyScrollTo(id){$("html, body").animate({scrollTop:$("#"+id).offset().top-300},300)}function printSectionBlog(){var w=$(window).width()/2,h,windowSettings="height="+($(window).height()-100)+", width="+w+", left=0, top=0, resizable=no, ";windowSettings+="scrollbars=yes, toolbar=no, menubar=no, location=no, ",windowSettings+="directories=no, status=yes";var myWindow=window.open("","Page printer",windowSettings),containerHtml=["<html>","<head>","<title>Page printer</title>",'<link rel="stylesheet" type="text/css" href="'+window.location.origin+'/css/style.min.css?v=20230303">','<link rel="stylesheet" type="text/css" href="'+window.location.origin+"/css/style"+SITE_TAG+'.min.css?v=202104061357">','<link rel="stylesheet" type="text/css" href="'+window.location.origin+'/css/snippets.min.css?v=202210181500">','<link rel="stylesheet" type="text/css" href="'+window.location.origin+'/css/article.min.css?v=202212191730">',"</head>","<body>",$("section#main-content").html().replace(/<span\sclass="MJX_Assistive_MathML".*?<\/span>/g,""),"</body>","</html>"].join("");containerHtml=containerHtml.replace(/src="files\//gi,'src="'+window.location.origin+"/files/"),myWindow.document.write(containerHtml),myWindow.document.close(),myWindow.focus(),setTimeout((function(){$.when(myWindow.print()).then(myWindow.close())}),1e3)}function PopupPrint(target){window.print()}$("#topmenu > nav > ul > li").each((function(){if(menuH>itemH&&$(this).position().top<1){var i=itemH+1;$(this).find("ul:first").css("margin-top","-"+i+"px")}})),$("#topmenu > nav > ul > li").on("mouseenter mouseleave",(function(e){var submenu=$("ul:first",this),submenuW=submenu.width();$(this).offset().left+submenuW>$(window).width()&&(submenu.css("right","0"),submenu.find("ul").each((function(){if(!$(this).hasClass("fixed")){var l=$(this).width()+submenuW;$(this).css("margin-left","-"+l+"px"),$(this).addClass("fixed")}})))})),$("a.showhider").click((function(e){e.preventDefault();var box="#"+$(this).attr("rel"),show='<i class="fa fa-eye"></i>',hide='<i class="fa fa-eye-slash"></i>';$(box).slideToggle("fast"),$(this).html($(this).html()==show?hide:show),$(this).attr("title","Show"==$(this).attr("title")?"Hide":"Show")})),$("a.scroll-to").click((function(e){e.preventDefault();var n=$("#"+$(this).data("target")).offset().top-70;$("html, body").animate({scrollTop:n},300)})),$("a.print-section-blog").click((function(e){e.preventDefault(),printSectionBlog()})),$(".print-button").click((function(e){var target;e.preventDefault(),PopupPrint("#"+$(this).data("target-id"))})),$(".alert.alert-success").delay(6e3).hide("fast",fixDiv());var fancyParent=1==$("body").find($("#main-article")).length?"#main-article":"body",fancyOptions={loop:!1,openEffect:"elastic",closeEffect:"elastic",nextEffect:"fade",prevEffect:"fade",parent:fancyParent,helpers:{title:{type:"inside"}}};if($("ul.gallery").each((function(){var rel=$(this).find("li:first-child > a:first-child").attr("rel");$('ul.gallery a.fancy[rel="'+rel+'"]').fancybox(fancyOptions)})),$(".carousel.slide").each((function(){var rel="gallery-"+$(this).data("id");$('.carousel.slide a.fancy[rel="'+rel+'"]').fancybox(fancyOptions)})),$("img.pop").parent("a").each((function(){$(this).attr("title",$(this).children("img").attr("alt"))})),$("img.pop").parent("a").fancybox({loop:!1,helpers:{title:{type:"inside"}}}),!are_cookies_enabled()){var msg='<div class="alert alert-error"><i class="fa fa-warning"></i> Your browser does not accept cookies from this site. Please enable cookies to log in.</div><div class="alert alert-info"><i class="fa fa-question-circle"></i> Enabling cookies in <a target="_blank" style="margin: 0; padding: 0;" href="https://support.mozilla.org/en-US/kb/enable-and-disable-cookies-website-preferences">Firefox</a>, <a target="_blank" style="margin: 0; padding: 0;" href="https://support.google.com/accounts/answer/61416?hl=en">Chrome</a>, <a target="_blank" style="margin: 0; padding: 0;" href="http://windows.microsoft.com/en-us/windows-vista/block-or-allow-cookies">Explorer</a></div>';$("#modal-login .modal-header").append(msg)}if($(".panel-expandable > .panel-heading").click((function(e){e.preventDefault();var panel=$(this).closest(".panel-expandable"),expandables=panel.hasClass("panel-has-footer")?".panel-body, .panel-footer":".panel-body";panel.find(".panel-body").is(":visible")?(panel.find(expandables).slideUp("fast"),panel.find(".expander > .fa-minus").removeClass("fa-minus").addClass("fa-plus")):(panel.find(expandables).slideDown("fast"),panel.find(".expander > .fa-plus").removeClass("fa-plus").addClass("fa-minus"))})),$("#modal-find-out-more").css({width:.8*$("#container").width()+"px","margin-left":-.4*$("#container").width()+"px"}),$(".modal-xxl").length){var modalTopPos=Math.round(.07*$(window).height());$(window).width()>1200&&$(".modal-xxl").css({"max-width":$(window).width()>960?"960px":$(window).width()+"px",width:$(window).width()>960?"960px":$(window).width()+"px","margin-left":$(window).width()>960?"-480px":Math.round($(window).width()/2)}),$(".modal-xxl").css("top",modalTopPos+"px"),$(".modal-xxl").on("shown",(function(){var mHeaderH=$(this).find(".modal-header").outerHeight(),mBody=$(this).find(".modal-body"),mBodyH=mBody.outerHeight(),mFooterH=$(this).find(".modal-footer").outerHeight(),bottomOfTheModal=modalTopPos+mHeaderH+mBodyH+mFooterH;if(bottomOfTheModal<$(window).height())mBodyH+=$(window).height()-bottomOfTheModal-60,mBody.css("max-height",mBodyH+"px");else{$(window).scrollTop(0),modalTopPos=10,$(".modal-xxl").css("top",modalTopPos+"px"),bottomOfTheModal=modalTopPos+mHeaderH+mBodyH+mFooterH,availableScroll=bottomOfTheModal-$(window).height()+modalTopPos;var lastPos=-1;$(window).on("scroll",(function(){var s=$(window).scrollTop()>availableScroll?availableScroll:$(window).scrollTop();newPos=modalTopPos-s,newPos!=lastPos&&($(".modal-xxl").css("top",newPos+"px"),lastPos=newPos)}))}}))}function popupHelp(url,title,w,h){var dualScreenLeft=void 0!==window.screenLeft?window.screenLeft:screen.left,dualScreenTop=void 0!==window.screenTop?window.screenTop:screen.top,width,height,left=(window.innerWidth?window.innerWidth:document.documentElement.clientWidth?document.documentElement.clientWidth:screen.width)/2-w/2+dualScreenLeft,top=(window.innerHeight?window.innerHeight:document.documentElement.clientHeight?document.documentElement.clientHeight:screen.height)/2-h/2+dualScreenTop,newWindow=window.open(url,title,"menubar=no,location=no,resizable=0, width="+w+", height="+h+", top="+top+", left="+left);return window.focus&&(newWindow?newWindow.focus():$('<div class="alert alert-warning" style="margin-bottom: 0px;"><p class="help-block">Pop Up blocked. Please allow Pop Ups in your browser settings.</p></div>').insertBefore("body")),newWindow}if($(".open-student-access-help").click((function(e){e.preventDefault();var h=$(window).height()-20,w=$(window).width()<1280?$(window).width():1280;popupHelp(helpURL,"Student Access Help",w,h)})),$(".pop-up-help").click((function(e){e.preventDefault();var url=$(this).attr("href"),title=$(this).data("title"),h=$(window).height()-20,w;popupHelp(url,title,$(window).width()<1280?$(window).width():1280,h)})),$("section.tib-hiddenbox").length){var count=0;$($("section.tib-hiddenbox").get().reverse()).each((function(){var box=$(this),revealButton;$("<a />").attr("class","btn showhider").attr("rel","hiddenBoxContent"+count).attr("style","margin-bottom: 0;").html('<i class="fa fa-eye"></i>').insertBefore(box);var newContainer=$("<div />").attr("class","hidden-content").attr("id","hiddenBoxContent"+count).html(box.html());newContainer.hide(),newContainer.insertBefore(box),box.remove(),count++})),$("a.showhider").on("click",(function(e){var container=$("#"+$(this).attr("rel"));container.is(":hidden")?(container.fadeIn("fast"),$(this).html('<i class="fa fa-eye-slash"></i>')):(container.fadeOut("fast"),$(this).html('<i class="fa fa-eye"></i>'))}))}
$('img.ico[src="https://assets.inthinking.net/thinkib/icons/comments.png"]').each(function(){var comment=$(this).attr("title");$(this).removeAttr("title");$(this).wrap('<a class="tib-popover" href="#" data-content="'+comment+'" data-togle="popover" data-placement="top" />')});$('img.ico[src="https://assets.inthinking.net/thinkib/icons/comments.png"]').each(function(){var comment=$(this).attr("title");$(this).removeAttr("title");$(this).wrap('<a class="tib-popover" href="#" data-content="'+comment+'" data-togle="popover" data-placement="top" />')});$(".tib-popover").popover({html:true,trigger:"hover",delay:{show:300,hide:300},placement:function(context,source){var position=$(source).position();if(position.top>200){return"top"}if(position.left<515){return"right"}if(position.top<200){return"bottom"}if(position.left>515){return"left"}return"top"}}).click(function(e){e.preventDefault()});var carouselTime=6500;$("div.carousel.slide").carousel({interval:carouselTime});$(".tib-indicators > img").click(function(){var index=$(this).index();var container=$(this).closest(".carousel.slide");container.carousel(index)});setShowResultsListeners($("#container"));addMarksThreads($("#modal-std-write"));
$('a.btn.showhider').click(function(e) {
var showHiderId = $( this ).attr('rel');
if( $('#'+showHiderId).find('iframe').length > 0 ) {
$('#'+showHiderId+' iframe').each(function() {
if ( $(this).attr('src').indexOf('.pdf') > 0 ) {
this.contentWindow.location.reload(true);
}
});
}
});
});
</script>
</body>
</html>