12-7 2 Flashcards
1
Q
Tax placed on an imported product
A
Tariff
2
Q
Limit on the amount of a good that is allowed into a country
A
Quota
3
Q
People who favor trade barriers to protect domestic industries
A
Protectionist
4
Q
Argument that new and emerging industries should be protected from foreign competition until they are strong enough to compete
A
Infant industries argument
5
Q
Trade law allowing another country to enjoy the same tariff reductions the United States negotiates with any third country
A
Most favored nation clause
6
Q
NAFTA
A
North American Free Trade Agreement
Agreement signed in 1993 to reduce tariffs and increase trade among the US, Canada, and Mexico
