Exam 8: International Trade

The Industrial Revolution began in __________ in the __________ century.

Economic sanctions are used as political leverage on target states as a means of political interference.

Industrial policy is the action of __________ to work actively with industries to promote their growth and tailor trade policy to their needs.

Which country has used its large supply of oil to ensure the functioning of OPEC?

The most profitable goods involved in illicit trade are __________.

Mercantilist practices were seen as essential to state power because __________.

Protectionism hurts an economy in which way?

The WTO provides an overall framework for __________ trade in a worldwide market.

When industries seek to influence a state's foreign economic policy,they __________.

The Soviet Union set prices and quotas for production and consumption of commodities,following communist principles.This approach to economics is an example of a __________ economy.

Because they contain both government control and private ownership,the industrialized economies of the West are often called __________.

Tax breaks,loans,and guaranteed high prices are examples of what type of protectionism?

With respect to deficits,__________.

The current round of multinational trade negotiations,which began in 2001 and is struggling to reach a conclusion,is the __________ Round.

A state will have a positive balance of trade,or trade surplus,when it __________.

A trade deficit is what mercantilists hope to produce for their own state.

When states specialize in producing the goods that they produce best and trading for goods that other states are better at producing,they are operating according to __________.

Predatory practices are efforts to __________ capture a large share of world markets,or even a near-monopoly,so that eventually a company or state can raise prices without fearing competition.

Certain economic sectors have a tendency to deviate more than others from market principles,especially sectors pertaining to agriculture,intellectual property,services,and military goods.

A backlash from politically active interest groups-including environmental and human rights NGOs,labor unions,and certain consumers-adversely affected by globalization has been a result of free-trade agreements.