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10 Cards in this Set
- Front
- Back
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Quota
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A government-mandated limitation on either the quantity or the VALUE of trade in a product
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Embargo
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A complete ban on trade in a product
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Tariff rate quotas
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Policies that allow a certain quantity of a good into a country at low(often 0) tariff rates, but then higher tariffs to quantities that exceed the quota
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Quota rents
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Profits that come about because a quota has ARTIFICIALLY RAISED THE PRICE OF IMPORTED PRODUCTS
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Voluntary Export Restraint(VER)
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An agreement reached between importing and exporting countries whereby the EXPORTERS AGREE TO LIMIT THE AMOUNT THEY EXPORT
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"Buy America" Acts
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Laws that direct purchasing agents of U.S. federal, state, and local governments to purchase Amrican products UNLESS COMPARABLE FOREIGN GOODS ARE SUBSTANTIALLY CHEAPER
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Export Subsidy
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A payment by a government to an industry that leads to an expansion of exports by that industry
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Countervailing Duty
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A tariff imposed by an importing country designed to offset artificially low prices charged by exporters
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Infant Industry Argument
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The argument holding that new industries may need temporary protection until they have mastered the production and marketing techniques necessary to be competitive in the world market
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Pollution Havens Hypothesis
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Heavily polluting manufacturers will relocate from rich countries to poorer countries to escape environmental regulations, thereby, causing the world pollution to rise
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