ch5

Question 1

nontariff trade barriers

Answer 1

policies other than tariffs that restrict international trade

Question 2

absolute import quota

Answer 2

physical restriction on quantity of goods that can be imported during a specified time period

Question 3

import license

Answer 3

granted by the government to importers, permits to import the product only up to a prescribed limit, regardless of market demand

Question 4

global quota

Answer 4

permits total number of specific type of good to be imported, but doesn’t specify country of origin or who is permitted to import the product

Question 5

selective quota

Answer 5

import quota allocated to a specific country of origin

Question 6

allocation mechanisms

Answer 6

different ways to decide who gets a given good or service