Exam 2: The Dynamic Environment of International Trade

Although the World Trade Organization (WTO)was effective in reducing tariffs,countries still resorted to measures of _____________.

The ratification of the WTO by the United States was challenged in the U.S.Congress for all of the following reasons EXCEPT:

With respect to international trade,a ______________ is often called a MNC.

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

A __________ is a specific unit or dollar limit applied to a particular type of good.

An agreement between the importing country and the exporting country for a restriction on the volume of exports is called a(n):

One of the justifications of protectionism is protection of cartels.

__________ generally do all of the following: increase inflationary pressures and special interests' privileges;decrease balance-of-payments positions;and,restrict competition.

For every dollar the United States invested in the economic development and rebuilding of other countries after World War II,hundreds of dollars returned in the form of purchases of U.S.goods and services.The primary plan after World War II used to rebuild and reinvigorate war ravaged countries was the:

The World Trade Organization was created during which of the following GATT Rounds?

If there is a limit on the number of imported television sets from Mexico,this is called a quota.

According to the information provided in the text,a new nontariff barrier that was designed to prevent foreign producers from using predatory pricing is called:

In his 1968 book called The American Challenge,French author J.J.Servan-Schreiber made certain predictions about the European market.Briefly characterize those predictions.

Using three examples,describe how nontariff barriers are used to restrict imports.

With respect to the nationality of the world's 100 largest industrial corporations,the United States is home to the largest number of the top 100 firms.Which of the following countries is home to the second largest number of these firms?

A government boycott is an absolute restriction against the purchase and importation of certain goods from other countries.

The Uruguay Round of the WTO achieved many significant breakthroughs in trade.One of the most significant was of particular interest to those in the technology field.Which of the following was considered to be a significant breakthrough of the Uruguay Round?

The creation of the World Trade Organization (WTO)is one of the biggest victories for free trade in decades.

the U.S.had a trade deficit.Since then,the U.S.has had a trade surplus.

Briefly,describe how the World Trade Organization (WTO)functions.