Flashcards in Week 4- Chapter 20 Protectionism textbook Deck (11):
gov’t legislatives policies to reduce international trade. Including: tariff, import, and quota.
taxes imposed on imported goods. Making it more expensive for consumers and discourage import.
Import quotas are numerical limitations on___
quantity of products that can be imported.
Using regulations, inspections to make it more costly to import products.
World Trade Organization___
seeks to negotiate reductions to barriers to trade. Successor to General Agreement on Tariffs and Trade (GATT)
reduced tariff, import quotas, and nontariff barriers btwn North American nations.
block imports that were sold below the cost of production by tariff.
Free trade unrestricted purchase and ___
sale of goods btwn nations w/o tariff, quota…
Race to the bottom___
when production locates in countries w/ lowest environmental standard, putting pressure on all countries to reduce their environmental standards.
participants have a common external trade policy and free trade w/ I the group.