12 Questions
What are the main sources of administrative barriers to trade?
Customs valuation and clearance procedures
What is the purpose of Sanitary and Phytosanitary (SPS) measures?
To protect against risks related to food safety, animal health, and plant protection
In what industry is countertrade most common?
Defense and aerospace
What is the purpose of an International Cartel in the context of international trade?
To regulate production and sales to eliminate competition
What do countries require before allowing goods to enter their boundaries?
Meeting packaging, labeling, and testing standards
How do Non-tariff barriers affect international trade according to the text?
By changing quantities traded, prices, or both without using customs tariffs
What do subsidies aim to achieve in the context of international trade?
To help domestic producers compete in foreign markets by lowering their costs
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
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.
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.
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.
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.
Test your knowledge of international cartels formed by producers in multiple countries and how they regulate production for monopolistic purposes. Explore the impact of Administered protection, Voluntary Export Restraints (VER), and other non-traditional non-tariff barriers on international trade.
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