2. Management 2203, Ch 7

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15 Terms

1

Free Trade

A policy where governments do not restrict what their citizens can buy from or sell to other countries.

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2

Tariffs

Taxes levied on imports to raise the cost of imported products.

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3

Subsidies

Government payments to domestic producers to help them compete against low-cost foreign imports.

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4

Import Quotas

Direct restrictions on the quantity of goods imported into a country.

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5

Voluntary Export Restraints

Quotas on trade imposed by the exporting country at the request of the importing country's government.

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6

Local Content Requirements

Demands that a specific fraction of a product be produced domestically.

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7

Administrative Policies

Trade policies designed to make it difficult for imports to enter a country.

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8

Dumping

Selling goods in a foreign market below their cost of production or fair market value.

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9

World Trade Organization (WTO)

An international organization that regulates trade between nations and emerged from GATT in 1995.

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10

Political Arguments for Trade Intervention

Arguments that focus on protecting certain groups, like producers, at the expense of consumers.

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11

Economic Arguments for Trade Intervention

Arguments aimed at boosting the overall wealth of a nation to benefit both producers and consumers.

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12

Infant Industry Argument

Supporting new industries until they are established and can compete independently.

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13

Strategic Trade Policy Argument

Seeking to establish advantages or dominance in a particular industry.

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14

Quota Rent

The extra profit that domestic producers make when supply is artificially limited by an import quota.

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15

Antidumping Duties

Tariffs imposed to counteract the effects of dumping by foreign firms.

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