BUSMHR 2000-Final exam Questions and Correct Answers | Latest Update
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Course
Bus MHR
Institution
Bus MHR
free trade
→ -:- government does not attempt to restrict what citizens can buy from another country
or what they can sell to another country
tariffs
→ -:- A tax on imports that effectively raises the cost of imported products relative to
domestic products
special tariffs
→ -:- levied...
→ -:- government does not attempt to restrict what citizens can buy from another country
or what they can sell to another country
tariffs
→ -:- A tax on imports that effectively raises the cost of imported products relative to
domestic products
special tariffs
→ -:- levied as a fixed charge for each unit of a good imported
Ad Valorem Tariff
→ -:- can increase government revenues, provide protection to domestic producers
against foreign competitors by increasing the cost of imported foreign goods, force
consumers to pay more for certain imports, reduce overall efficiency of the world
economy
subsidies
→ -:- government payments to domestic producers
can help producers:
- compete against low-cost foreign imports
-gain export markets
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/2025
import quotas
→ -:- A direct restriction on the quantity of good that may be imported into a country
tariff rate quota
→ -:- a hybrid of a quota and a tariff where a lower tariff is applied to imports within
the quota than to those over the quota
voluntary export restraints
→ -:- a.An official agreement with another country that voluntarily restricts the quantity
of its exports
b.Quota on trade imposed by the exporting country, typically at the request of the importing
country's government
voluntary export expansion
→ -:- an official agreement with another country in which it agrees to import more from
the U.S.
local content requirements
→ -:- a. A local content requirement demands that some specific fraction of a good be
produced domestically
b. Can be in physical terms or in value terms
c. Local content requirements benefit domestic producers and jobs, but consumers face higher
prices
administrative policies
→ -:- a. bureaucratic rules designed to make it difficult for imports to enter a country
b. these policies hurt consumers by denying access to possibly superior foreign products
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/2025
antidumping duties
→ -:- a. Dumping: selling goods in a foreign market below their cost of production, or
selling goods in a foreign market at below their fair market value
b. Objective is to protect domestic producers from unfair foreign competition
c. U.S. firms that believe a foreign firm is dumping can file a complaint with the government
d. If the complaint has merit, antidumping duties, also known as countervailing duties may be
imposed
Arguments against free trade
→ -:- 1. infant industry
2. national defense
3. dumping
4. environmental concerns
Non-tariff barriers to trade
→ -:- 1. subsidies
2. quotas
3. antidumping penalties
4. voluntary export restraints
infant industry theory
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