Exam 2: The Dynamic Environment of International Trade

Tariffs have an impact on trade.Please provide a brief discussion that indicates what aspects of a country's economy are increased,weakened,or restricted with respect to world trade.

Shortly after World War II,the United States and 22 other nations signed _________________ to pave the way for the first effective worldwide tariff agreement.

If the United States requires that any imported medicine meant for humans pass FDA standards,the standard requirement would be considered to be a form of nontariff barrier to international trade.

The practice of ______________ is a particularly ingenious method of controlling imports as it encourages the importation of goods the government deems desirable and discourages importation of goods the government does not want.

One of the major complaints from protestors during the Seattle Round of the WTO meetings centered on:

GATT stands for Global and Territorial Trade.

Which of the following has been effective in reducing tariffs but not in preventing protectionism?

Tall Pine Plywood Company has just received notice that a shipment of plywood (2 metric tons)has been rejected by Japanese customs because the knotholes commonly found on a plywood sheet are too large.This would be an illustration of which of the following nontariff barriers to trade?

The GATT (General Agreement on Tariffs and Trade)was set up as a successor to the WTO (World Trade Organization).

The United States has many successful trade relationships.Four of these relationships account for a tremendous volume of trade.All of the following countries are among the top four producers of trade for the U.S.EXCEPT:

____________ is accomplished by refusing to allow importers to exchange its national currency for the seller's currency.

From 1888 to 1971,the United States had a ____________ balance of trade where it sold more than is bought from other countries.

_____________ and the World Bank Group are two global institutions created to assist nations in becoming and remaining economically viable.

With respect to a nation's balance-of-payments statement,the official ___________ account is a record of exports and imports of gold,increases or decrease in foreign exchange,and increases or decreases in liabilities to foreign central banks.

Nations utilize legal barriers,exchange barriers,and psychological barriers to restrain entry of unwanted goods.

A balance-of-payments statement includes three accounts.Two of those accounts are the current account and the capital account.What is the third account found on the balance-of-payments statement?

At no time in modern economic history have countries been more economically interdependent.

What is the difference between an embargo and a boycott?

One of the basic elements of the General Agreement on Tariffs and Trade (GATT)is that:

Since GATT's inception there have been four "rounds" of intergovernmental tariff negotiations.