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International Trade Exam 1 QUESTIONS WITH 100% SOLVED SOLUTIONS!!.
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International Trade Exam 1 QUESTIONS WITH 100- SOLVED SOLUTIONS!!.
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International Trade Exam 1 QUESTIONSWITH 100% SOLVED SOLUTIONS!!
Focus ,of ,international ,trade ,- ,Answer ,To ,understand ,the ,cause+effect ,relationship ,of ,the ,trade ,betw
een ,countries- ,
The ,basis, ,gains, ,pattern ,of ,trade
Globalization ,- ,Answer ,The ,interaction+ ,integration ,among ,individuals, ,firms, ,and ,governments
The ,Great ,Depression ,- ,Answer ,US ,stock ,market ,crash ,1930
US ,increased ,tariffs ,to ,protect ,domestic ,industry
Smoot-Hawley ,- ,Answer ,Increased ,average ,tariff ,rates ,up ,to ,60% ,after ,stock ,market ,crash
Reciprocal ,Trade ,Agreements ,Act ,- ,Answer ,1. ,Earlier ,time ,congress ,granted ,trade ,policymaking ,auth
ority ,to ,the ,president
2. ,Served ,as ,a ,model ,for ,the ,negotiating ,framework ,of ,the ,GATT
Small ,Country ,v.s ,Large ,- ,Answer ,Considered ,large ,by ,their ,input ,to ,international ,trade.
Trade ,to ,GDP ,ratio
Balance ,of ,payments ,- ,Answer ,Double ,entry ,book ,keeping
1. ,Current ,account
2. ,capital+ ,financial ,account
a. ,official ,reserves
b. ,net ,errors+omissions
Specific ,tariff ,- ,Answer ,fixed ,charge ,per ,unit ,$
Ad ,valorem ,- ,Answer ,fixed ,charge ,per ,percent ,%
, Compound ,tariff ,- ,Answer ,$+%
Measure ,of ,protection ,- ,Answer ,total ,tariff/ ,total ,value ,of ,imports
Pattern ,of ,trade ,- ,Answer ,Who ,exports ,what+ ,who ,imports ,what. ,Determined ,by ,specialization
Gains ,from ,trade ,- ,Answer ,Increased ,production ,and ,consumption
Mercantilism ,- ,Answer ,Nationalism ,for ,building ,a ,wealthy ,+ ,powerful ,state. ,
Trade= ,0 ,sum ,
Increase ,exports ,
Decrease ,Imports
Absolute ,Advantage ,- ,Answer ,2 ,nations, ,2 ,products
Trade= ,+ ,sum ,game
Specialization ,effect ,- ,Answer ,increased ,productivity ,and ,higher ,standards ,of ,living
Comparative ,Advantage ,- ,Answer ,Relative ,cost ,differences ,based ,on ,opportunity ,cost
Countervailing ,duties ,- ,Answer ,Protection ,against ,foreign ,export ,subsidies
GATT ,- ,Answer ,Lower ,tariffs, ,eliminate ,quotas, ,adhere ,to ,certain ,min ,standards
WTO ,- ,Answer ,Manage ,the ,system ,of ,new ,agreements, ,provide ,a ,forum ,for ,regular ,discussion, ,impl
ement ,a ,process ,for ,settling ,trade ,disputes
Nondiscrimination ,(GATT) ,- ,Answer ,1. ,most ,favored ,nation
2. ,National ,treatment
Disputes ,(WTO) ,- ,Answer ,Consultation ,
litigation
implementation
Doha ,Round ,- ,Answer ,Reduce ,trade ,barriers, ,promote ,international ,investment, ,protect ,intellectual ,
property ,rights
Tariffs ,do ,what? ,- ,Answer ,Increase ,prices ,of ,goods
Lower ,consumption
Increase ,domestic ,production ,
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