55. Which is more effective in blocking imports, a tariff or a quota?

56. What are the similarities and differences in the economic effects of tariffs and quotas?

57. How do protectionist policies affect consumers, workers, producers, and the government? Explain.

58. Who gains and who loses from a protective tariff? Explain.

59. Identify the four basic types of trade barriers and describe each of them.

60. Evaluate the validity of the argument that a new industry in a nation needs protection from foreign competition if it is to prosper.

CH XVIII:

61. What role does the foreign exchange market play in facilitating the trade of goods?

62. What are the major components of the current account in the balance of payments? How is the current account balance determined?

63. What is the official settlement account and how is it used in the balance of payments?

64. If a nation's balance of payments is always in balance, why isn't it also always in equilibrium?