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International Cartels and Trade Barriers Quiz

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International Cartels and Trade Barriers Quiz

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Questions and Answers

What are the main sources of administrative barriers to trade?

Customs valuation and clearance procedures (correct)

Food safety regulations

Quality standards and labeling requirements

Import and export licenses

What is the purpose of Sanitary and Phytosanitary (SPS) measures?

To issue import and export licenses

To promote fair trade practices

To encourage countertrade agreements

To protect against risks related to food safety, animal health, and plant protection (correct)

In what industry is countertrade most common?

Technology

Textiles

Automotive

Defense and aerospace (correct)

What is the purpose of an International Cartel in the context of international trade?

To regulate production and sales to eliminate competition Signup and view all the answers

What do countries require before allowing goods to enter their boundaries?

Meeting packaging, labeling, and testing standards Signup and view all the answers

How do Non-tariff barriers affect international trade according to the text?

By changing quantities traded, prices, or both without using customs tariffs Signup and view all the answers

What do subsidies aim to achieve in the context of international trade?

To help domestic producers compete in foreign markets by lowering their costs Signup and view all the answers

Which statement best describes Non-Tariff Barriers (NTBs) in international trade?

They are requirements that make imports or exports difficult and costly without relying on customs tariffs Signup and view all the answers

What is a voluntary export restraint (VER) and why is it considered a trade barrier?

A VER is a government-imposed restriction on the quantity of goods that can be exported voluntarily by the exporting country, protecting domestic industries from foreign competition. Signup and view all the answers

How do Anti-Dumping Measures help protect local industries?

By imposing taxes on foreign goods that are priced below fair market value, preventing the closure of local firms. Signup and view all the answers

Why was the Uruguay round agreement significant in relation to Voluntary Export Restraints (VERs)?

It abolished VERs due to their discriminatory nature and impact on free trade. Signup and view all the answers

What is the purpose of implementing Anti-Dumping Measures in international trade?

To protect domestic industries from foreign goods being sold at unfairly low prices. Signup and view all the answers