Non-tariff

• What is one effect of limiting foreign competition?

  It protects levels of outputs
• How might limiting foreign competition affect selling prices?

  It may increase selling price and revenue
• What is a potential consequence of acting as a disincentive to sell into foreign markets?

  It may reduce international market opportunities
• How can non-tariff barriers affect profit margins?

  Costs of meeting the non-tariff barriers may significantly reduce profit margins
• What is a potential downside of non-tariff barriers in terms of market choice?

  It may reduce choice/variety in a market
• How might countries lose credibility with the WTO?

  They may lose some credibility with the WTO
• What challenges might arise from enforcing non-tariff barriers?

  Enforcing the non-tariff barriers may be difficult or expensive
• How do less choice and higher prices affect standards of living?

  Less choice and higher prices erode standards of living
• How can product labeling information impact decision making?

  Product labeling information may improve decision making and quality of life
• In what way can environmental standards contribute to equality in production costs?

  Environmental standards help create equal production inputs which results in equality in the costs of production