Exam 8: International Trade

The protectionist Smoot-Hawley Act,adopted by the United States in 1930 in response to the Great Depression,contributed to the severity of the depression by __________.

The consumer cartel formed in response to OPEC is the __________.

The balance of trade is the value of a state's imports relative to its __________.

Which feature is characteristic of centrally planned economies?

In 2013,the WTO said Antigua and Barbuda could steal $21 million annually in U.S.intellectual property because the United States blocked the country's online gambling sites.This WTO decision is an example of __________.

"The creation of wealth underlies state power.Economics should serve politics" is a statement in line with __________.

The free-trade area comprising many countries in South America is the __________.

Despite a critical shift toward a(n)__________ economy,China's government continues to follow a Marxist political line.

A __________ would agree that a government's most useful role is to interfere in economics only to regulate markets in order to help them function efficiently.That is,politics should serve the interests of economic efficiency.

The mercantilist approach to trade is similar to __________.

Applying quotas on imports is a policy that would be followed by a __________.

The leading arms-importing region of the global South is __________.

Economies that are changing to a market-based economy,usually from a centrally planned economy,are referred to as __________ economies.

Emphasizing worldwide free trade,liberal economics advocates for international cooperation.

Which groups oppose free trade because of its negative impacts?

Cartels form to __________ the price of a certain product,usually are formed by producers,most often __________ production by each member so as to lower supply,and can suffer from serious collective-goods problems.

When states decide to reduce trade barriers and adopt a common tariff toward states that are not members of the group,they have created a(n)__________.

In Europe,North America,and several other less important instances,regional free trade areas have been created.

For decades,the country of Albania chose not to participate in world markets,instead relying on a centrally planned economy.This approach to trade is an example of what strategy?

The U.S.__________ exceeded $750 billion in 2014,with about a quarter accounted for by trade with China and another quarter by oil imports.