CHAPTER 67 RESTRICTIONS ON FREE TRADE Flashcards
1
Q
Dumping
A
The sale of goods at less than cost price by foreign producers in the domestic market.
2
Q
Free trade
A
International trade conducted without the existence of barriers to trade, such as tariffs or quotas.
3
Q
Protectionism
A
The use of economic policies to regulate trade between countries mainly to reduce imports.
4
Q
Quota
A
A physical limit on the quantity of an imported group.
5
Q
Tariff, import duty or customs duty
A
A tax on imported goods which has the effect of raising the domestic price of imports and thus restricting demand for them.
6
Q
Trade barriers
A
Any measure which artificially restricts international trade.
