International Trade Lecture #1

<p>Improvements made to trade regulations and practices (B)</p> Signup and view all the answers

<p>Political ideologies and party affiliations (C)</p> Signup and view all the answers

<p>Selling goods at below market value (D)</p> Signup and view all the answers

<p>Protection of infant industries (B)</p> Signup and view all the answers

<p>Wind turbines (C)</p> Signup and view all the answers

<p>To reduce reliance on foreign nations (C)</p> Signup and view all the answers

<p>Potential for lower product quality and safety issues (A)</p> Signup and view all the answers

<p>Generate revenue and provide protection for domestic industries (D)</p> Signup and view all the answers

<p>The Smoot-Hawley Tariff Act (A)</p> Signup and view all the answers

<p>Low taxation combined with effective governance (C)</p> Signup and view all the answers

<p>Potential loss of new trade opportunities and benefits (B)</p> Signup and view all the answers

<p>Natural disasters (B)</p> Signup and view all the answers

Specializing in producing goods and services where you have a comparative advantage, then trading for the rest.

Protecting domestic industries by limiting imports, typically via tariffs or quotas.

Historical US tariff act; highly protectionist, leading to a sharp decline in world trade during the Great Depression.

Obstacles that hinder the flow of goods and services internationally.

Difference between the value of a country's exports and imports.

Reasons why some people oppose free trade agreements, focusing on potential job losses, dumping of goods, and the need for military self-sufficiency, as well as infant industry concerns. A nation might also want to protect their industries from quality issues.

The practice of exporting goods at a price lower than their production cost or market price in a foreign country, potentially harming domestic producers. Dumped goods can be beneficial to consumers although not to domestic producers.

A large variety of products were identified as being imported into the U.S. in excess. These goods include, for instance, sugar, salmon, various fruits, vegetables, cleaning supplies, and construction materials.

The argument that new industries need temporary protection from foreign competition to develop and become internationally competitive.

The desire for a country to have the capability to produce its necessities for military purposes, and to not have to rely on imports.

A country has a comparative advantage in producing a good or service if it can produce it at a lower opportunity cost than other countries.

The value of the next best alternative that is forgone when making a choice.

Taxes imposed on imported goods, increasing their price and discouraging consumption.

A complete ban on trade with a particular country, often used as a political tool.