7/13/25, 6:47
PM
POLI 105 VCU SALADINO FINAL EXAM
QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS VERIFIED LATEST RELEASE
2025/2026
Terms in this set (79)
Market exchange of goods, services, and payments
primary policy- free trade
no state interference
Liberalism with markets (ideally)
Reduce barriers to the
market (ie. tariffs)
Comparative
advantage
-Adam Smith "Wealth of Nations"
comparative The ability of a country to produce a good
advantage at a lower cost than another country can.
(determined by market- Not State)
an economic system (Europe in 18th C) to
Mercantilism increase a nation's wealth by government
regulation of all of the nation's
commercial interests.
1/
16
,7/13/25, 6:47
PM
*Tariffs and other barriers used by governments
to control market
Difference between The role of the state:
Liberalism and mercantilism- state
Mercantilism controls economics
liberalism-
economics run
the state
the practice or policy of shielding one or
Protectionism more industries within a country's
economy from foreign competition
through the use of tariffs, subsidies or
quotas.
- to protect infant industries, national security or
in response to dumping
Dumping selling products in a foreign country at
lower prices than those charged in the
producing country
Economic Nationalism an emphasis on domestic control and
protection of the economy. (ie. "buy
American")
used protectionist policies to grow infant
Japanese Case Study industries, established itself in the
market, the voted to make protectionist
policy illegal to ensure that no other
countries could overtake their new
2/
16
, 7/13/25, 6:47
PM
industry.
Globalization the expansion of free trade everywhere,
by opening up all markets and states to
the global economy-- sell the products
and ideas of the world and every state
1. Began with WTO meeting in Seattle (Nov.
Anti-Globalization 2009)
Protests 2. Several protests have been staged at major
international meetings
3. Anti sweatshop campaigns
Biggest problems with agriculture, intellectual property rights, service
free trade sectors policies
International organization derived from
the General Agreement on Tariffs and
The World Trade Trade (GATT) that promotes free trade
Organization (WTO) around the world.
*Strong enforcement structure
*Means of reciprocal free trade
enforcement (if you break agreement
then other countries have the right to
place barriers on your trade)
GATT (General international agreement first signed in 1947 aimed
Agreement on Tariffs at lowering trade barriers
and Trade) *grew to big and too broadly focused--> became
WTO
3/
16
PM
POLI 105 VCU SALADINO FINAL EXAM
QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS VERIFIED LATEST RELEASE
2025/2026
Terms in this set (79)
Market exchange of goods, services, and payments
primary policy- free trade
no state interference
Liberalism with markets (ideally)
Reduce barriers to the
market (ie. tariffs)
Comparative
advantage
-Adam Smith "Wealth of Nations"
comparative The ability of a country to produce a good
advantage at a lower cost than another country can.
(determined by market- Not State)
an economic system (Europe in 18th C) to
Mercantilism increase a nation's wealth by government
regulation of all of the nation's
commercial interests.
1/
16
,7/13/25, 6:47
PM
*Tariffs and other barriers used by governments
to control market
Difference between The role of the state:
Liberalism and mercantilism- state
Mercantilism controls economics
liberalism-
economics run
the state
the practice or policy of shielding one or
Protectionism more industries within a country's
economy from foreign competition
through the use of tariffs, subsidies or
quotas.
- to protect infant industries, national security or
in response to dumping
Dumping selling products in a foreign country at
lower prices than those charged in the
producing country
Economic Nationalism an emphasis on domestic control and
protection of the economy. (ie. "buy
American")
used protectionist policies to grow infant
Japanese Case Study industries, established itself in the
market, the voted to make protectionist
policy illegal to ensure that no other
countries could overtake their new
2/
16
, 7/13/25, 6:47
PM
industry.
Globalization the expansion of free trade everywhere,
by opening up all markets and states to
the global economy-- sell the products
and ideas of the world and every state
1. Began with WTO meeting in Seattle (Nov.
Anti-Globalization 2009)
Protests 2. Several protests have been staged at major
international meetings
3. Anti sweatshop campaigns
Biggest problems with agriculture, intellectual property rights, service
free trade sectors policies
International organization derived from
the General Agreement on Tariffs and
The World Trade Trade (GATT) that promotes free trade
Organization (WTO) around the world.
*Strong enforcement structure
*Means of reciprocal free trade
enforcement (if you break agreement
then other countries have the right to
place barriers on your trade)
GATT (General international agreement first signed in 1947 aimed
Agreement on Tariffs at lowering trade barriers
and Trade) *grew to big and too broadly focused--> became
WTO
3/
16
