Week 6 Key Terms and Questions


Key Terms

Ad Valorem Tariffs
Administration Trade Policies
Antidumping Policies
Countervailing Duties
D'Amato Act
Dumping
Free Trade
Helms-Burton Act
Import Quota
Local Content Requirement
Quota Rent
Smoot-Hawley Act
Specific Tariff
Subsidy
Tariff
Voluntary Export Restraint

Week 6 Questions

  1. Which of the following is a government payment to a domestic producer?
    a. Duty
    b. Subsidy
    c. Quota
    d. Tariff

  2. While _______________ tariffs are levied as a fixed charge for each unit of a good imported, ______________ tariffs are levied as a proportion of the value of the imported good.
    a. general, special
    b. ad valorem, special
    c. global, special
    d. specific, ad valorem

  3. Which of the following refers to a situation where a government does not attempt to restrict what its citizens can buy from another country or what they can sell to another country?
    a. free trade
    b. unencumbered trade
    c. sovereign trade
    d. autonomous trade

  4. Lowering production costs helps domestic producers do what?
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