Int'l Trade Chapter 8

Question 1

Dumping: selling a good for a higher price in one country and at a lower price than it costs to produce in another

Answer 1

true

Question 2

In the 1950s __% of apparel was produced in the US

Answer 2

80%

Question 3

American Apparel and Footwear Association initiated…

Answer 3

WRAP- Worldwide Responsible Apparel Production

Question 4

In 1994 GATT declared subsidies…

Answer 4

an unfair form of competition

Question 5

The US Multifiber Arrangement (MFA) 1974

Answer 5

set quotas on textile and apparel imports

Question 6

US set first tariffs in _____

Answer 6

1812

Question 7

Item 807 / Item 9802

Answer 7

allowed fabric to be cut in the US, outsourced for production, and imported back with tariffs only on the value added abroad

Question 8

In 2010 there were ____ countries with apparel manufacturing capacity

Answer 8

130

Question 9

___ have to pay higher prices to fund government subsidies to producers

Answer 9

Consumers

Question 10

OTEXA

Answer 10

Office of Textiles and Apparel: agency under the US Department of Commerce