Week 4- Chapter 20 Protectionism textbook Flashcards Preview

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Flashcards in Week 4- Chapter 20 Protectionism textbook Deck (11):
1

Protectionism means___

gov’t legislatives policies to reduce international trade. Including: tariff, import, and quota.

2

Tariff are___

taxes imposed on imported goods. Making it more expensive for consumers and discourage import.

3

Import quotas are numerical limitations on___

quantity of products that can be imported.

4

Nontariff barrier___

Using regulations, inspections to make it more costly to import products.

5

World Trade Organization___

seeks to negotiate reductions to barriers to trade. Successor to General Agreement on Tariffs and Trade (GATT)

6

NAFTA___

reduced tariff, import quotas, and nontariff barriers btwn North American nations.

7

Anti-dumping laws___

block imports that were sold below the cost of production by tariff.

8

Free trade unrestricted purchase and ___

sale of goods btwn nations w/o tariff, quota…

9

Race to the bottom___

when production locates in countries w/ lowest environmental standard, putting pressure on all countries to reduce their environmental standards.

10

Common market___

participants have a common external trade policy and free trade w/ I the group.

11

Economic Unions___

monetary and fiscal policies are coordinated.