Exam 7: Trade in Goods

The Tokyo Round led to the establishment of the World Trade Organization.

Emergency trade measures imposed to protect domestic industry from a surge of imports are called ________.

A tax credit is an example of a subsidy.

________ are laws, regulations, and administrative procedures used by states for determining the country of origin of goods.

The making of a decision by general agreement and in the absence of any voiced objection is called ________.

The WTO can make a decision by a vote if a consensus cannot be reached.

________ is the proposal of developing countries that would establish a Common Fund to underwrite the costs of maintaining a buffer stock of primary commodities as a way to stabilize supplies.

Multilateral Trade Agreements of the WTO Agreement are binding on all members of the WTO.

The ________ defines the measures that WTO member states may take to protect the life and health of humans, animals, and plants.

Derived value is the customs value of goods that is based on their price calculated from the cost of manufacture, overhead, and handling.

Prohibited subsidies are also known as red subsidies.

What is an escape clause?

A customs union consists of a group of states that have reduced or eliminated tariffs among themselves but that maintain their own individual tariffs in dealing with other states.

The ________ is the intergovernmental arrangement and organization to coordinate national policies so that transfers of conventional arms and dual-use goods and technologies do not contribute to the development or enhancement of military capabilities that undermine international and regional security and are not diverted to support such capabilities.

What are the responsibilities of the World Trade Organization?

The Generalized System of Preferences, allows developing countries to export all (or nearly all) of their products to a participating developed country on a nonreciprocal basis.

Differentiate between free trade area and customs union.

The ________ is a multilateral agreement that set out the rules under which the contracting states parties were committed to negotiate reductions in customs tariffs and other impediments to international trade in goods.

________ is the customs value of imported goods that is based on the price actually paid or payable for goods at the time they were sold for export.

________ are mandatory laws and provisions that specify the characteristics of products; the processes and production methods for creating products; and the terminology, symbols, packaging, marking, or labeling requirements for products, processes, or production methods.