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BUSMHR 2000 Final Exam Review Questions and Correct Answers the Latest Update and Recommended Version
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free trade → 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, antidumping policies → 6 instruments of trade policy tariff → a tax levi...

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  • October 19, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • busmhr 2000 final exam review questions and correc
  • free trade govt does not attempt to restrict wha

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2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!


BUSMHR 2000 Final Exam Review
Questions and Correct Answers the Latest
Update and Recommended Version
free trade


→ 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,

antidumping policies

→ 6 instruments of trade policy


tariff

→ a tax levied on imports that effectively raises the cost of imported products relative to
domestic products


increases govt revenues, protects domestic producers from foreign competitors, pro-producer,

anti-consumer

→ results of tariffs


detraction

→ tax levied on exports that drops the price of the product sold in the country


increases govt revenues, protects domestic consumers, may make producers noncompetitive,

pro-consumer, anti-producer

→ results of detractions




1|Page| GradeA+ | 2 0 0 2 5

,2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!

specific tariff

→ A tariff levied as a fixed charge for each unit of a good imported


ad valorem tariff

→ A tariff levied as a proportion of the value of the imported good


subsidy


→ govt payment to domestic producers


help domestic producers compete against low cost foreign imports and gain export markets,

consumers absorb the costs

→ results of subsidies


import quotas

→ impose limit to quantity imported


tariff rate quote


→ tax levied to imported products above quota


voluntary export restraints (VER)

→ impose limits to exports from one country


benefit domestic producers by limiting competition from abroad, increases prices for

consumers

→ results of VER


1|Page| GradeA+ | 2 0 0 2 5

, 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!

local content requirement

→ demands that some fraction of the product be produced domestically


originally implemented to promote development of local industries, favor local industries,

create jobs


→ results of local content requirement


antidumping policies

→ designed to punish foreign firms that engage in dumping


dumping

→ selling goods in a foreign market below their cost of production or below their "fair"
market value


protects domestic producers


→ 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

→ why do govts intervene in int'l trade? POLITICAL ARGUMENTS


infant industry, strategic trade policy


→ why do govts intervene in int'l trade? ECONOMIC ARGUMENTS


infant industry


1|Page| GradeA+ | 2 0 0 2 5

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