Week 4- Chapter 20 Protectionism textbook

Question 1

Protectionism means___

Answer 1

gov’t legislatives policies to reduce international trade. Including: tariff, import, and quota.

Question 2

Tariff are___

Answer 2

taxes imposed on imported goods. Making it more expensive for consumers and discourage import.

Question 3

Import quotas are numerical limitations on___

Answer 3

quantity of products that can be imported.

Question 4

Nontariff barrier___

Answer 4

Using regulations, inspections to make it more costly to import products.

Question 5

World Trade Organization___

Answer 5

seeks to negotiate reductions to barriers to trade. Successor to General Agreement on Tariffs and Trade (GATT)

Question 6

NAFTA___

Answer 6

reduced tariff, import quotas, and nontariff barriers btwn North American nations.

Question 7

Anti-dumping laws___

Answer 7

block imports that were sold below the cost of production by tariff.

Question 8

Free trade unrestricted purchase and ___

Answer 8

sale of goods btwn nations w/o tariff, quota…

Question 9

Race to the bottom___

Answer 9

when production locates in countries w/ lowest environmental standard, putting pressure on all countries to reduce their environmental standards.

Question 10

Common market___

Answer 10

participants have a common external trade policy and free trade w/ I the group.

Question 11

Economic Unions___

Answer 11

monetary and fiscal policies are coordinated.