Flashcards in Week 4- International Trade Problem Set Deck (12):
When a country takes a UNILATERAL approach to free trade, it removes___
Trade restriction on its own.
Problem w/ the protection as a bargain chip argument for trade restriction is IF it fails___
Tthe country faces a choice between 2 bad options.
Limited on quantity of imports.
When a country takes multilateral approach on free trade, it reduces___
It's trade restriction while other countries do the same.
Tariff is a___
Tax on imported goods.
Price of good that prevails in a world market.
General Agreement on Tariffs and Trade (GATT)___
Response to high tariff during Great Depression.
Economies of scale defined as____
Some goods can be produced at low cost if they produced in large quantities.
Trade restrictions among NA nations.
Efficiency argument is___
Not a common advanced argument for trade restrictions.
Price of sugar in international market___
World price of sugar.