Protectionism can occur in a variety of ways. One below is not one of them. Which one is it?

1.   ?    Technical Standards
2.   ?    Quotas
3.   ?    Absolute advantage
4.   ?    Tariffs

On the tariff diagrams the world price is assumed to be...?

1.   ?    Perfectly elastic.
2.   ?    Perfectly inelastic.
3.   ?    Upward sloping.
4.   ?    Downward sloping.

The difference between what a consumer pays and what a consumer would pay is called?

1.   ?    Profits
2.   ?    Opportunity cost
3.   ?    Consumer surplus
4.   ?    Quantity demanded.

Taxes on imports are

1.   ?    Quotas
2.   ?    illegal.
3.   ?    unlikely
4.   ?    Tariffs.

The World Trade Organisation was set up in_______?

1.   ?    1955
2.   ?    1965
3.   ?    1985
4.   ?    1995

If a country is better at producing a good than another country it is said to have a(n) _____________________ in the production of that good.

1.   ?    Comparative Advantage
2.   ?    Absolute Advantage
3.   ?    Opportuntiy Cost
4.   ?    subsidy