BUSMHR 2000 Final Exam Review Study Guide with Complete Solutions
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Course
BUSMHR
Institution
BUSMHR
BUSMHR 2000 Final Exam Review Study
Guide with Complete Solutions
free trade - Answer-govt does not attempt to restrict what its citizens can buy from
another country or sell to another country
tariffs, subsidies, import quotas, voluntary export restraints, local content requirement,
antidumpi...
voluntary export restraints (VER) - Answer✔✔-impose limits to exports from one
country
benefit domestic producers by limiting competition from abroad, increases prices for
consumers - Answer✔✔-results of VER
local content requirement - Answer✔✔-demands that some fraction of the product be
produced domestically
originally implemented to promote development of local industries, favor local industries,
create jobs - Answer✔✔-results of local content requirement
antidumping policies - Answer✔✔-designed to punish foreign firms that engage in
dumping
dumping - Answer✔✔-selling goods in a foreign market below their cost of production
or below their "fair" market value
protects domestic producers - Answer✔✔-results of antidumping policies
protect jobs and industries, protect industries important for national security, retaliation
to stop unfair practices, protect consumers from unsafe products, advance foreign
policy objectives, protect human rights - Answer✔✔-why do govts intervene in int'l
trade? POLITICAL ARGUMENTS
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