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Protecting domestic industry from the effects of global competition is known as:
Increasingly practised, albeit often quietly, protectionism seeks to protect domestic industries, re-ducing access to markets for foreign companies. The aim is normally to protect domestic worker's jobs, often with an eye on domestic politics. Industries recently (late 2020) mentioned in this subject area include agriculture, airlines, defence, shipbuilding, steel, etc - not just in UK or Europe, but worldwide.
The World Trade Organisation seeks to reduce protectionism - an activity supported by many econ-omists, as globalism is believed by many to increase global wealth overall.
However, this is not clear cut, and there are a variety of views.
Interventionism is not relevant to this QUESTION NO :, and preventionism is a made-up word.
'A - - - - - - - - is a price in which the supplier and buyer agree that the supplier can charge a price based on actual costs incurred, plus a margin for profit'.
This should be an easy QUESTION NO :. The definition describes nicely one possible form of cost-based price. It is important to try to be able to distinguish cost from price.
The 'target cost incentive' method of pricing might have been tempting as an answer, since the defi-nition shown mentions cost, but it mentions neither target nor incentive, and can therefore be ruled out.
And whole life cost is a different concept altogether.
Because of the need for frequent or semi-frequent uses of competition, public sector buyers are less likely to find themselves in a close partnership arrangement with a supplier than private sector buy-ers. True or false?
This is true.
Thinking of Michael Porter's Industry Structure Analysis (commonly referred to as Five Forces Analysis), which of the following are seen as threats (select all that apply):
The model speaks of the threat of new entrants and the threat of substitutes. New entrants are par-ticularly attracted by high profitability in the sector. Substitutes can come about in a number of ways for example, through lower prices or because of technology.
Under a contract with a price adjustment clause, which of the following would commonly be grounds for price adjustment (depending on the precise contract terms)?
Exchange rate fluctuations and escalating materials costs can both substantially impact on a contract price. Where a contract has been drafted to allow for it, the price may be adjusted in line with some pre-agreed mechanism or formula to make the price paid more equitable.
Quality problems of the supplier's own making and shareholders seeking extra profit - neither being uncommon - are not seen as being grounds for adjusting price (upwards).
I should mention that price adjustment clauses can result in prices being adjusted either upwards or downwards, or not at all, depending on circumstances.
