Exam 11: International Trade in the Global Marketplace

As trade integration grows, so does globalization because states' interdependence increases when exports account for an increasing percentage of their gross domestic product.

Voluntary export restrictions (VERs) are agreements in which exporting countries agree to restrict shipments of a particular product to a country to deter it from imposing an even more onerous import quota.

It is often the case that states who engage in trade with one another are less likely to enter into military conflicts, as the opportunity costs of doing so are too high.

How is the degree of trade integration measured?

What was the name of the meeting that changed the GATT to WTO?

Economic sanctions have the greatest impact on autocratic regimes.

An open international economy is a collective good.

Globalization of labor is a very controversial issue. Why do so many people fear it? What do the studies indicate? Are MNCs an integral component of this issue? What are the pros and cons of MNCs? Explanation should include issues such as child labor, immigration, slave labor, and unions.

Economic sanctions have been used with increasing frequency since World War II. Research has shown sanctions

As the WTO has been largely successful in reducing tariffs, it has begun to confront all but which of the following issues?

A country whose economic policies encourage specialization in manufacturing over other types of industry is practicing a policy of mercantilism.

Since its inception the World Trade Organization has often been descended upon by activists during its Ministerial Meetings.  Select one such event and discuss why the protestors were there?  What were their complaints? Were they justified? Write an essay in which you decide whether the World Trade Organization is a friend or foe.

A hegemon must do all of the following to maintain the international political economy?

When taxes are placed on another exporting state's alleged selling of a product at a price below the cost to produce it, this is called _____.

The economist credited with the idea of comparative advantage is _____.

When Brazil sued the United States for cotton subsidies that violated international trade law standards, the United States began sending annual payments of $150 million to Brazil in exchange for their dropping the case.

World trade fell by 9 percent in 2008 precipitated by which of the following?

Describe the theories of liberalism and mercantilism, including the strengths and weaknesses of each as a policy guiding tool.  Which do you believe states should follow? Why?

The transnationalization of the productive process in which finished goods rely on inputs from multiple countries outside their final market is known as _____ .

Intra-firm trade is cross-national trade of international goods and services within the same firm.