Exam 2: The Dynamic Environment of International Trade

Briefly discuss the efforts taken by the United States to promote global trade after World War II.

The special drawing rights (SDRs) developed by the IMF are in effect:

An agreement signed willingly between the importing country and the exporting country for a restriction on the volume of exports is called a:

The marketing manager for Grand Products wants to export the company's range of beer products to a Gulf country. However, he discovers that there is a complete restriction on the import of any form of liquor into that country. This is an accurate example of a(n) _____.

Which of the following is a defining characteristic of a voluntary export restraint (VER)?

An exchange permit issued by a government can stipulate an unfavorable rate of exchange depending on the desires of the government.

In the context of blocked currency, blockage is accomplished by refusing to allow an importer to exchange its national currency for the currency of the seller.

The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the _____ section of the Omnibus Trade and Competitiveness act.

In general, tariffs restrict:

A government boycott is a partial restriction against the purchase and importation of certain goods and/or services from other countries.

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

The Omnibus Trade and Competitiveness Act gives the U.S. president authority to restrict sales of a country's products in the U.S. market if that country imposes unfair restrictions on U.S. products.

Which of the following arguments regarding the need for protectionism is recognized by economists as valid?

Which of the following statements is true of tariffs?

In the last few years, most of the countries of the world saw a dramatic slowdown in the growth of their economies with the exception of _____.

Which of the following accounts of the balance-of-payments statement is a record of the direct investment, portfolio investment, and short-term movement of cash and technology to and from countries?

The United States and other countries require some products to contain a percentage of "local content" to gain admission to their markets.

Tall Pine Plywood Company has just received a notice that a shipment of plywood (2 metric tons) has been rejected by the customs administration of the recipient country because the knotholes commonly found on a plywood sheet are too large. Which of the following categories of nontariff barriers primarily uses such quality issues as a trade barrier?

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

As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the General Agreement on Tariffs and Trade, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated. This is termed the _____.