A duty according to the value of the commodity?
Specific tariff
Import duty
Quota
Ad valorem tariff
Countries which do not trade but produce and consume in isolation in a state usually referred as
Autarky
Open economy
Closed economy
None of these
According to the classical economists what causes international trade.
International trade tales place because of differences in the caparative costs of producing commodities.
Availability of ample resources
Existance of large number of traders
Perfect immobility of labour and capital
A major valid argument in favour of protection is to
Allow domestic industries to establish and grow until they become efficient
Protect domestic labour against cheap foreign labour
Reduce domestic unemployment
Improve the nation's terms of trade and welfare
