Exam 2: The Dynamic Environment of International Trade

Obtaining export licenses for products on the export control list is more arduous than for those items that are exempt from the list.

Which of the following acronyms refer to the international forum for member countries to negotiate a reduction of tariffs and other barriers to trade?

A(n) _____ is simply a tax imposed by a government on goods entering at its borders.

Randall Smithe-Jones believes that protectionism is the only way to save the United Kingdom from outside competitors. He has seen small business after small business go bankrupt because cheaper foreign goods have been more popular. The UK has just started a cell-phone manufacturing industry and Smithe-Jones' company is one of the first to try their hand at cell-phone manufacturing. Which of the following would probably be the argument that Smithe-Jones would use to persuade his government representatives that protectionism is still needed in the U.K.?

All of the following activities or organizations are designed to support the growth of international trade EXCEPT:

The World Bank estimates that five countries whose share of world trade is barely one-third that of the European Union will, by 2020, have a 50 percent higher share than that of the European Union. Which of the following is NOT one of those five countries?

_____ is the practice whereby a foreign producer intentionally sells their products in the United States for less than the cost of production to undermine the competition and take control of the market.

In general, tariffs weaken:

What are the main focus areas of the Omnibus Trade and Competitiveness Act of 1988?

One of the basic elements of the General Agreement on Tariffs and Trade (GATT) is that:

Which of the following can the exchange permit stipulate?

After World War II, United States set out to infuse the ideal of capitalism throughout as much of the world as possible through efforts like the _____ which was aimed at assisting in rebuilding Europe.

In order to secure foreign exchange, which of the following is used by countries experiencing severe shortages of foreign exchange?

Which of the following acts was designed to deal with trade deficits, protectionism, and the overall fairness of our trading partners?

The GATT became part of the World Trade Organization in 1995, with the ratification of the Uruguay Round agreements.

A balance-of-payments statement includes three accounts. Two of those accounts are the current account and the capital account. What is the third account found on the balance-of-payments statement?

Which of the following is true regarding balance-of-payments records?

Developed by the IMF to cope with universally floating exchange rates, _____ represent(s) an average base of value derived from the value of a group of major currencies.

Which of the following is NOT true of the GATT?

In general, tariffs restrict: