free trade - answer-government does not attempt to restrict what citizens can buy from another country or what they can sell to another country
tariffs - answer-A tax on imports that effectively raises the cost of imported products relative to domestic products
special tariffs - answer-levied...
BUSMHR 2000-Final exam
free trade - answer-✔government does not attempt to restrict what citizens can buy
from another country or what they can sell to another country
tariffs - answer-✔A tax on imports that effectively raises the cost of imported
products relative to domestic products
special tariffs - answer-✔levied as a fixed charge for each unit of a good imported
Ad Valorem Tariff - answer-✔can increase government revenues, provide
protection to domestic producers against foreign competitors by increasing the cost
of imported foreign goods, force consumers to pay more for certain imports,
reduce overall efficiency of the world economy
subsidies - answer-✔government payments to domestic producers
can help producers:
- compete against low-cost foreign imports
-gain export markets
import quotas - answer-✔A direct restriction on the quantity of good that may be
imported into a country
tariff rate quota - answer-✔a hybrid of a quota and a tariff where a lower tariff is
applied to imports within the quota than to those over the quota
, voluntary export restraints - answer-✔a.An official agreement with another country
that voluntarily restricts the quantity of its exports
b.Quota on trade imposed by the exporting country, typically at the request of the
importing country's government
voluntary export expansion - answer-✔an official agreement with another country
in which it agrees to import more from the U.S.
local content requirements - answer-✔a. A local content requirement demands that
some specific fraction of a good be produced domestically
b. Can be in physical terms or in value terms
c. Local content requirements benefit domestic producers and jobs, but consumers
face higher prices
administrative policies - answer-✔a. bureaucratic rules designed to make it
difficult for imports to enter a country
b. these policies hurt consumers by denying access to possibly superior foreign
products
antidumping duties - answer-✔a. Dumping: selling goods in a foreign market
below their cost of production, or selling goods in a foreign market at below their
fair market value
b. Objective is to protect domestic producers from unfair foreign competition
c. U.S. firms that believe a foreign firm is dumping can file a complaint with the
government
d. If the complaint has merit, antidumping duties, also known as countervailing
duties may be imposed
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