Exam 6: Trade Regulations and Industrial Policies

According to some labor unions in advanced countries such as Canada and the United States, the international trade rules of the World Trade Organization could result in

The U.S.government fosters large-scale projects such as irrigation facilities in agriculture.

The result of normal trade relations (the most-favored-nation clause) is

The General Agreement on Tariffs and Trade and its successor, the World Trade Organization, have resulted in

Julia lost her job because of foreign competition.She has now trained in nursing and is working in a hospital.Which benefit of the U.S.government do you think helped her make this adjustment?

Industrial policies of the U.S.government have included subsidizing particular firms to promote national champions, nationalizing basic industries, and encouraging cartelization of industries.

The first tariff in the United States (1789) was intended mainly

Countervailing duties are intended to neutralize any unfair advantage that foreign exporters might gain over domestic producers because of foreign

The strongest political pressure for a trade policy that results in higher protectionism comes from

Section 301 of the Trade Act of 1974 emphasized

The purpose of the U.S.Export-Import Bank is to provide subsidized loans to American import-competing producers.

Suppose the United States imposes trade sanctions (export quotas) on grain sold to the Russians.Assuming other nations do NOT increase grain exports to the Russians, all of the following would occur EXCEPT

Established in 1995, the World Trade Organization took charge of administering the new global trade rules agreed upon in the Uruguay Round of multilateral trade negotiations.

The Uruguay Round of trade negotiations was primarily concerned with

The Reciprocal Trade Agreements Act of 1934 allowed the president to lower tariffs by up to ______________ of the existing level, subject to a tariff reduction by our trading partner.

About how many nations are members of the World Trade Organization?

Economists tend to agree that in defining the rules of trade among countries, ______________ is preferable to ______________.

The Uruguay Round of multilateral trade negotiations succeeded in establishing the World Trade Organization.

Trade adjustment assistance policies

Under the original provisions of the Reciprocal Trade Agreements Act, the president of the United States was authorized to cut tariffs up to