Chapter 37: Free trade and protection Flashcards

1
Q

Globalisation

A

The process by which the world is becoming increasingly interconnected through trade and other links

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Quota

A

A limit placed on imports or exports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Embargo

A

A ban imports or exports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Exchange control

A

A limit on the amount of foreign currency that can be obtained

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Voluntary export restraints (VER)

A

Agreements with other governments to restrict their exports to the country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Infant industries

A

New industries with relatively low output and high costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Declining industries

A

Old industries which are going out of business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Strategic industries

A

Industries that are considered important for the survival or development of the country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Dumping

A

Selling products in a foreign market at a price below the cost of production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly