Huec 4044 Exam 2

Front 1

Ad Valorem Tariff

Back 1

a tax set as a fixed percent of value of an imported product

Front 2

Agreement on Textiles and Clothing (ATC)

Back 2

trade agreement that replaced Multifiber Arragement

Front 3

CIF: cost, insurance, freight

Back 3

the value of the product when it arrives at the importing country

Front 4

Customs and Border Protection (CBP)

Back 4

U.S. customs service

Front 5

Duty

Back 5

a payment due to import export goods;

usually based on tariff schedule

Front 6

Effective Tariff

Back 6

economic impact of nominal tariff

Front 7

FOB: free on board

Back 7

the value when the product is loaded on the carrier

Front 8

Free Trade

Back 8

unrestricted exchange of goods among nations

Front 9

Free Trade Zone

Back 9

a port or other site within a nation designated for duty-free entry of selected goods to be displayed, stored, or used for manufacturing

Front 10

GATT: General Agreement on Tariffs and Trade

Back 10

multilateral trade agreement whose fundamental purpose was to promote free trade of goods and equalize trade among countries

has been absorbed by the WTO

Front 11

Global Marketing

Back 11

activities that accelerate the movement of goods and services from a manufacturer or retailer to consumers in many countries around the world

Front 12

Global Sourcing

Back 12

determining desirable vendors of services, materials, production, and/or finished goods anywhere in the world

Front 13

Harmonized System (HS)

Back 13

name commonly used for Harmonized Commodity Code

the global classification system used to describe trade in most goods

international at the six-digit level

country by country at the 10-digit level

Front 14

Harmonized Tariff Schedule of the United States

Back 14

system for assessing duties on imports and exports based on the metric system

replaced Tariff Schedules of the United States based on the English system in 1989

Front 15

International Marketing

Back 15

promoting, pricing, and selling goods in selected foreign markets

Front 16

International Sourcing

Back 16

determining desirable vendors of services, materials, production and/or finished goods for import from one or a few countries

Front 17

International Trade

Back 17

exchange of goods between nations and all the issues associated with that exchange

Front 18

International Trade Regulation

Back 18

barriers and limits on types and quantities of goods and services that cross political boundaries

Front 19

Manufacturer's Identification Number (RN)

Back 19

number assigned by the U.S. Federal Trade Commission to identify a product's producer

Front 20

Most-favored Nation (MFN)

Back 20

a very confusing term that means all nations engaged in the same trade agreement should be treated the same

Front 21

Multifiber Arrangement (MFA)

Back 21

international trade agreement that allowed the quantity of textile and apparel trade to be regulated through bilateral agreements between nations

Front 22

Multilateral Trade Agreement

Back 22

involves more than two countries

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Nominal Tariff

Back 23

rates published in each country's tariffs schedule

Front 24

Nontariff Trade Barriers

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quota, quality standards, or other regulations or conditions that restrict the flow of goods between countries, not including taxes on imports or exports

Front 25

Normal Trade Relations (NTR)

Back 25

a term intended to replace most-favored nation because it is more descriptive of the actual meaning

Front 26

Protectionism

Back 26

uses trade barriers to minimize imports

Front 27

Quota

Back 27

regulates quantities of goods that can be traded internationally

Front 28

Rate of Duty

Back 28

amount of tax to be assessed on imported or exported goods, usually according to a tariff schedule

Front 29

Specific Tariff

Back 29

fixed amount of tax per physical unit of imported product

Front 30

Uruguary Round

Back 30

final multilateral trade negotiations of GATT that resulted in the WTO and ATC

Front 31

Voluntary Export Restraint

Back 31

a "gentleman's agreement" between countries limiting trade

Front 32

World Customs Organization (WCO)

Back 32

global organization whose purpose is to improve operation and efficiency of Customs services

Front 33

Code of Conduct

Back 33

a statement of principles and standards by which business decisions are made

Front 34

Counterfeit

Back 34

an imitation of what is genuine with the intent to defraud the customer

Front 35

Counterfeiting

Back 35

the act of making an imitation of an original with the intent to defraud

Front 36

Fair Trade

Back 36

trade systems and regulations that are less discriminatory among suppliers

Front 37

Grey Market Goods

Back 37

original goods (thery are not knockoffs) that are sold by unauthorized vendors

Front 38

Human Trafficking

Back 38

facilitating the emigration of people for monetary gain

Front 39

Illegal Transshipment

Back 39

shipping goods from one country to another to illegally change the country of origin of the goods to avoid tariffs or quota limitations

Front 40

Intellectual Property

Back 40

copyrights, trademarks, patents, trade secrets, and semiconductor chips

inventions, or other discoveries that have been registered with government authorities for the sale and use by the owner

Front 41

Intellectual Property Rights

Back 41

legal protection for exclusive use by owners of copyright, trademarks, patents, trade secrets, and semiconductors chips

Front 42

Knockoff

Back 42

an imitation of an original that is made with lower-cost materials and production methods and sold at a lower price

Front 43

Licensee

Back 43

the buyer of the right to use the merchandising property

Front 44

Licenser

Back 44

the owner of the merchandising property

Front 45

Licensing Contract

Back 45

primary means of product differentiation and source of customer loyalty

Front 46

Rules of Origin

Back 46

laws and regulations to determine country of origin of goods

the country where the goods were wholly obtained or when more than one country is involved, the country where the last substantial transformation has been carried out

Front 47

Social Responsibility

Back 47

obligation to a group or the general population for their well-being

Front 48

Trademark

Back 48

a word, phrase, logo, or other graphic symbol used to distinguish one firm's product(s) or service(s) from another's

Front 49

Trademark Infringement

Back 49

the act of misleading the public into believing the items bearing the trademark/brand name are produced and sold by the owner of the trademark when in fact they are not

Front 50

Undocumented Immigrant Workers (UIW)

Back 50

individuals from foreign countries without legal identification papers

Front 51

Worldwide Responsible Apparel Production (WRAP)

Back 51

an independent nonprofit corporation dedicated to the promotion and certification of lawful, humane, and ethical manufacturing throughout the world

Front 52

Unfair Competition Law

Back 52

governs commercial activity that tends to confuse, mislead, or deceive customers and/or provide unfair business advantages

Front 53

Production Subsidy

Back 53

negative trade tax

payment of money from a government to a business to defray costs of production

Front 54

Export Subsidy

Back 54

payment from a government to a firm as a reward for exporting products

Front 55

Price Support Program

Back 55

purchasing and storing products from the market to reduce the supply relative to demand to drive up the price

Front 56

Dumping

Back 56

selling a product in another country at less than the price it is sold in the home country or less than it costs to produce

Front 57

Import Surge

Back 57

an unexpected or unplanned flood of imports of particular category(ies)

Front 58

Countervailing Duty

Back 58

a special tax that increases the price of goods to a competitive level

Front 59

Embargo

Back 59

prohibition of the entry of goods into a defined political area

stoppage of trade until issues can be negotiated

Front 60

Lobbying

Back 60

the process of influencing the formation of legislation and/or the administration of rules, regulations, and policies

Front 61

Lobbyist

Back 61

paid professionals that carry the messages defined by their employers and try to influence formation or administration of legislation

Front 62

Trade Association

Back 62

a nonprofit organization formed to serve the common needs of its members

Front 63

Item 807

Back 63

ruling that allowed garments cut in the United States to be exported and assembled and then imported with tariff based only on value added

Front 64

Quota Avoidance Strategy

Back 64

using transshipment and fabric blends not covered by quota

Front 65

Caribbean Basin Initiative

Back 65

economic development program established by the U.S government

Front 66

Fabric Forward Rule

Back 66

trade rule that limits tariffs and/or provides quota free imports to garments made of fabrics produced in the sourcing country

Front 67

Yarn Forward Rule

Back 67

trade rule that limits tariff and quota free imports to garments made of domestically produced yarns and fabrics