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16 Cards in this Set
- Front
- Back
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free trade
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the absence of barriers to the free flow of goods and services between countries
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tariff
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a tax levied on imports
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specific tariff
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tariff levied as a fixed charge for each unit of good imported
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ad valorem tariff
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a tarriff levied as a porportion of the value of an imported good
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subsidy
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government financial assistance to a domestic producer
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import quota
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a direct restriction on the quantity of a good that can be imported into a country
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voluntary export restraint
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a quota on trade imposed from the exporting country's side, instead of the importer's; usually imposed at the request of the importing country's government
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quota rent
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extra profit producers make when supply is artifically limited by an import quota
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local content requirement
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a requirement that some specific fraction of a good be produced domestically
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adminstrative trade policies
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administrative policies, typically adopted by government bureaucracies, that cn be used to restrict imports or boost exports
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dumping
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selling goods in a foreign market for less than their cost of production or below their "fair" market value
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antidumping policies
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designed to punish foreign firms that engage in dumping and thus protect domestic producers from unfair foreign competition
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countervailing duties
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antidumping duties
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Helms-Burton Act
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Act passed in 1996 that allowed Americans to sue foreign firms that use Cuban property confiscated from them after the 1959 revolution
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D'Amato Act
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act passed in 1996, similar to the Helms-Burton Act, aimed at Libya and Iran
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Smoot-Hawley Act
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act passed in 1930 that erected a wall of tariff barriers against imports into the United States
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