Ch 7 BUS498

International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO

A tax levied on imports (or exports)

Tariff levied as a fixed charge for each unit of good imported

A tariff levied as a proportion of the value of an imported good

Government financial assistance to a domestic producer

A direct restriction on the quantity of a good that can be imported into a country

Lower tariff rates applied to imports within the quota than those over the quota

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

Extra profit producers make when supply is artificially limited by an import quota

A requirement that some specific fraction of a good be produced domestically

Administrative policies, typically adopted by government bureaucracies, that can be used to restrict imports or boost exports

Selling goods in a foreign market for less than their cost of production or below their "fair" market value

Designed to punish foreign firms that engage in dumping and thus protect domestic producers from unfair foreign competition

Antidumping duties

New industries in developing countries must be temporarily protected from international competition to help them reach a position where they can compete in world markets with the firms of developed nations

Government policy aimed at improving the competitive position of a domestic industry and/or domestic firm in the world market

Enacted in 1930 by the U.S. Congress, this act erected a wall of tariff barriers against imports into the United States