4.1.4 Protectionism

Question 1

Counter-cyclical

Answer 1

expansionary government policies to counter a downturn in the economic cycle

Question 2

Keynesian

Answer 2

an economic policy based on the views of British economist John Maynard Keynes, who urged governments to take action to boost economies when hit by recessions

Question 3

Structural unemployment

Answer 3

potentially long-term unemployment as a fundamental economic shift makes an industry and therefore the skills of its workers obsolete

Question 4

Trade war

Answer 4

an economic battle between two countries based entirely on protectionist measures such as import quotas; one starts, so the other retaliates and this can spiral out of control