BUSMHR 2000-Final exam Questions and Correct Answers the Latest Update and Recommended Version
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Course
BUSHMR 2000
Institution
BUSHMR 2000
free trade
→ government does not attempt to restrict what citizens can buy from another country or
what they can sell to another country
tariffs
→ A tax on imports that effectively raises the cost of imported products relative to
domestic products
special tariffs
→ levied as a fixed ...
BUSMHR 2000-Final exam Questions and
Correct Answers the Latest Update and
Recommended Version
free trade
→ government does not attempt to restrict what citizens can buy from another country or
what they can sell to another country
tariffs
→ A tax on imports that effectively raises the cost of imported products relative to
domestic products
special tariffs
→ levied as a fixed charge for each unit of a good imported
Ad Valorem Tariff
→ 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
→ government payments to domestic producers
→
→ can help producers:
→ - compete against low-cost foreign imports
→ -gain export markets
→ A direct restriction on the quantity of good that may be imported into a country
tariff rate quota
→ 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
→ 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
→ an official agreement with another country in which it agrees to import more from the
U.S.
local content requirements
→ 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
→ 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
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