Show:
Organizations
Debates
Protectionism
Vocab
Misc
100
Was created in 1993 and seeks to expand international trade by lowering barriers and improving the flow of trade.
What is the WTO.
100
List 5 of 8 reasons why free trade is beneficial?
What is lower prices, taking advantage of endowed resources, economies of scale, increased variety or choice, acquisition of needed resources, competition can improve efficiency, political benefits, growth and development from efficient and exports.
100
Define Tarrif.
What is a tax placed on an imported good produced abroad.
100
The placement of legal restrictions on international trade.
What is protectionism.
100
What must be given up to have anything else.
What is opportunity costs.
200
This organization was created in 1948 and eventually became another organization. This organization started with 23 countries and they helped to standardize rules of trade.
What is GATT.
200
List 3 arguments against free trade?
What is loss of culture, environmental, domestic job loss, displacement, etc.
200
What is a quota?
What is a limit on the physical quantity of a good that can be imported into the country.
200
A market environment where buyers and sellers can make transactions without government intervention.
What is Free Trade
200
Selling of goods to another country at a price below the original domestic production costs.
What is dumping.
300
List three specific goals of the WTO.
What is Trade without discrimination, Freer trade through negotiation, Predictability through binding and transparency, Promoting fair competition, Encouraging development.
300
List 6 of the 11 reasons in favor of protectionism?
What is domestic employment, protect infant industries, to counteract relative domestic tax differences, prevent dumping, to diversify production base, product standards, raise gov't revenue, protect against unfairly low labor costs, protect strategic industries, overcome balance of payment deficits, improve terms of trade.
300
What is a subsidy?
What is a government payment to a firm that can be used to promote exports and or reduce the quantity of imports.
300
When one country can produce more of a given product with the same or less resources than another country.
What is Absolute Advantage.
300
Created and believed in the theory of the invisible hand and no government intervention in the economy.
Who is Adam Smith.
400
List one function that the World Bank does?
What is low or no interest loans for edu, health, infrastructure, communication.
400
List 4 of 6 arguments against protectionism?
What is misallocation of resources, escalation to a trade war, protectionism as a corrupt magnet, higher cost less incentive to reduce costs, higher import costs, reduced export competitiveness.
400
What is a VER?
What is Voluntary export restraints. It is a self imposed quote put in place by the importing country or industry.
400
When a country produces a good at a lower domestic opportunity cost than another country.
What is comparative advantage.
400
The practice of allocating an individuals, an organizations, or a nation's resources towards the production of a good or a category of goods for which it has relatively low opportunity costs.
What is specialization.
500
Name one function or role of the IMF?
What is overseeing exchange rates, lending to countries with balance of payment problems, assisting with the development of monetary and fiscal policy.
500
Our next unit in International Trade will be on?
What is exchange rates.
500
List 3 of 4 administrative barriers to trade.
What is Bureaucratic, Product standards, Environmental standards, Qualification.
500
Newly developed and have not had an opportunity to develop economics of scale and low costs that are achieved by selling to a large market.
What is an infant industry
500
This policy is the largest obstacle to free trade in the world. It is a massive system of subsidies and tarrifs and is an obstacle to growth in developing nations.
What is CAP - Europe' Common Agricultural Policy.