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16 Cards in this Set

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