lesson 37 - unit 8 Flashcards
What are trade barriers?
Government policies that hinder, complicate, or eliminate trade between two nations.
What is protectionism?
When laws are created to protect domestic industries from what is seen as unfair competition from foreign industries.
What is an import tariff?
Taxes placed on goods imported into another country.
What are arguments for tariffs?
Tariffs can help domestic products to be competitive.
What are arguments against import tariffs?
Tariffs can cause higher prices and decreased consumption and production.
What is an import quota?
Only allowing a certain amount of goods to be brought into the country for sale.
What are trade sanctions?
An order forbidding citizens from trading with another country.
What are subsidies?
Government payments to industries that have to compete in a world market where prices are lower than they are in the U.S.
What benefit does George Gilder see in the U.S. trade deficit?
That much of the money earned by foreign exports would be reinvested into the U.S.
What does Yoshiji Nogami say about American concepts of fairness?
That they are whimsical and inconsistent.
What does Edward Hudgins say about protectionism?
it is a form of extortion that attempts to gain a value from somebody by prohibiting them from buying from some other group.
