Exam 7: Government Intervention and Regional Economic Integration

In a short essay, explain how the GATT changed international trade.

Governments impose export controls for the purpose of ________.

A quantitative restriction on specific imports from a specific country for a set period of time is referred to as ________.

A countervailing duty is a tariff on products imported into a country to offset subsidies given to producers or exporters in the exporting country.

The General Agreement on Tariffs and Trade (GATT) and now the World Trade Organization (WTO) was organized to reduce trade barriers, because high tariffs inhibited free trade and economic growth.

Governments support domestic industries by ________.

Which of the following economic blocs includes Switzerland as a member country?

Countries as diverse as Chile, Hungary, Turkey, and South Korea have liberalized their previously protected markets, lowering trade barriers and subjecting themselves to greater competition from abroad.

Members of ________ allow free trade between members and agree to adopt common tariffs and non-tariff barriers that are applied to imports from nonmember countries.

In 1930 the United States passed the Smoot-Hawley Tariff Act, which ________.

Products are classified under about 8,000 different unique codes in the ________ schedule, a standardized system used worldwide.

The United Nations estimated that trade barriers alone cost developing countries ________ in lost trading opportunities with developed countries every year.

A formal arrangement between two or more countries to reduce or eliminate tariffs is known as a ________.

Which of the following terms refers to two or more geographically connected nations in pursuit of free trade relations?

Restrictions on the outflow of hard currency from a country or on the inflow of foreign currencies is called ________.

A import tariff aims to protect domestic industries from foreign competition.

________ are checkpoints at the ports of entry in each country where government officials inspect imported products and levy tariffs.

Which of the following may allow a manufacturer to practice dumping?

Nations pursuing regional integration seek to ________.

Import tariffs are a principal instrument of trade intervention. In a short essay, briefly describe the five main types of import tariffs.