International Trade And Access To Markets

Question 1

Import license?

Answer 1

License issued by a national government authorising the importation of goods from a specific source

Question 2

Import quotas?

Answer 2

Set a physical limit on the quantity of goods that can be imported into a country

Question 3

Subsidies?

Answer 3

Grants/allowances usually awarded to domestic producers to reduce their costs ad make them more competitive

Question 4

Voluntary export restraints?

Answer 4

Diplomatic strategy offered by the exporting country to appease the importing country and deter it from imposing trade barriers

Question 5

Embargoes?

Answer 5

Partial/full prohibition of commerce and trade with a particular country