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Automated college courses created from lecture notes, class exams, text books, reading materials from many colleges and universities. Print test 31 Multiple choice questions A limit imposed by a nation on the quantity of a good may be imported during some period of time.
Euro Zone World price Import Quota export subsidy An association of 27 European nations that has eliminated tariffs and quotas among them, established common tariffs for imported goods from outside the member nations, eliminated barriers to the free movement of capital, and created other economic policies.
Euro Zone Revenue tariff World price European Union EU A government payment to a domestic producer to enable the firm to reduce the price of good or service to foreign buyers Export supply curve export subsidy World price Import Quota The sale of a product in a product in a foreign country at prices either below cost or below the prices commonly charged at home.
Euro Zone dumping Tariffs offshoring an equivalency showing the number of units of two products that can be produced with the same resources opportunity cost ratio Export supply curve export subsidy Import Quota The practice of shifting work previously done by American workers to workers located abroad.
Terms of trade World price domestic price equilibrium world price A tax imposed by a nation on an imported good. Tariffs dumping Euro Zone offshoring The extra output that trading partners obtain through specialization of production and exchange of goods and services.
Terms of trade Euro Zone domestic price Gains from trade Products requiring relatively large amounts of land to produce capital intensive goods Labor Intensive goods land intensive goods Gains from trade The latest, uncompleted sequence of trade negotiations by members of the World Trade Organizations.
Doha Development Agenda Gains from countries gain from trade by producing quizlet vocabulary comparative advantage land intensive goods A tariff designed to shield domestic producers of a good or service from the competition of foreign producers domestic price Tariffs Protective tariff Revenue tariff The international agreement reached in in which 23 nations agreed to give equal and nondiscriminatory treatment of one another, to reduce tariff rates by multinational negotiations, and to eliminate import quotas.
World Trade organization WTO General Agreement on Tariffs and Trade GATT Trade Adjustment Assistance Act nontariff barrier NTB The proposition that an individual, region or nation will benefit countries gain from trade by producing quizlet vocabulary it specializes in producing goods for countries gain from trade by producing quizlet vocabulary its own opportunity costs of a trading partner, and then exchanging some countries gain from trade by producing quizlet vocabulary the products in which it specializes for other desired products produced by others.
Its objective was to reduce imports and stimulate the domestic economy, but it resulted only in retaliatory tariffs by other nations Smooth-Hawley tariff Act Protective tariff Revenue tariff nontariff barrier NTB An organization of nations that oversees the provisions of the current world trade agreement, resolves trade disputes stemming around it, and holds countries gain from trade by producing quizlet vocabulary for further rounds of trade negotiations voluntary export restriction VER European Union EU World Trade organization WTO nontariff barrier NTB A down sloping curve showing the amount of a product that an economy will import at each world price below the domestic price export subsidy Export supply curve import demand curve Import Quota A tariff designed to produce income for the Federal government Terms of trade Protective tariff Tariffs Revenue tariff The price of a good or service within a country, determined by demand and supply.
World price offshoring domestic price Terms of trade All barriers other than protective tariffs that nations erect to impede international trade, including import quotas, licensing requirements, unreasonable product-quality standards, unnecessary bureaucratic detail in customs procedures, and so on.
Import Quota Export supply curve export subsidy import demand curve A situation in which a person or country can produce a specific product at a lower opportunity cost than some other person or country. Import Quota import demand curve comparative advantage Principle of comparative advantage Voluntary limitations by countries or firms of their exports to a particular foreign nation to avoid enactment of formal trade barriers by that nations European Union EU World Trade organization WTO nontariff barrier NTB voluntary export restriction VER the 16 nations of the member European Union that use the euro as their common currency.
Tariffs Euro Zone World price dumping.
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