311. The purpose of the General Agreement on Tariffs and Trade (GATT) is to:
312. The __________ represents the first attempt to establish a truly global mediation center to
resolve international trade disputes.
313. With GDP totaling more than $624 billion, the common market known as COMESCA is:
314. The European Union created a single monetary unit to replace the national currencies of
12 member nations. This common currency is known as the:
315. The three countries participating in NAFTA are:
316. The common market arrangement that groups Brazil, Argentina, Paraguay, Uruguay,
Chile, and Bolivia is called the:
317. Another name for a common market is:
318. Traders in the 18th century were encouraged to focus on selling their nation’s goods in
the global market to create a favorable balance of trade. Nations attempted to sell more goods to
other nations than they bought from other nations. This approach to global trading is called:
319. The impetus behind trade protectionism is:
320. Although embargos are enacted upon both imports and exports, this form of trade
protectionism is often the result of:
321. The benefits of protective tariffs are:
322. The U.S. government continues to be committed to free-trade agreements, as evidenced
by the more recent passage of CAFTA. The future goal of U.S. free-trade advocates is:
323. U.S. firms that produce sophisticated military hardware are prohibited from exporting that
equipment to “unfriendly” governments, such as Iran. This complete ban on exporting sensitive
technology to specific countries is an example of a(n):
324. The U.S. and China continue to spar over sociocultural issues, such as human rights, and
economic and financial issues, such as the value of the Chinese yuan against the U.S. dollar. U.S.
diplomats assert that these differences continue to bolster China’s favorable balance of trade
and increase the U.S. trade deficit. The trade protectionist policy exhibited by the Chinese is
similar to an economic policy known as ____________ that was followed during the 17th and 18th
centuries. This policy resulted in a flow of money to the country that sold the most globally.
325. The U.S. government has announced a 5-million-pound annual limit on beef imported
from Argentina. This type of trade restriction is called a(n):
326. Denmark requires foreign companies that sell butter in Denmark to sell it in cubes, not
tubs. This type of requirement is known as a:
327. Responding to pressure from political lobbyists representing the U.S. steel industry, the
U.S. government levies a tax on steel products imported from Europe. This is an example of a(n):
328. Labor unions and businesses in the heavy equipment industry have asked the U.S.
Congress to place a tax on imported equipment in order to make it more expensive. They hope
that this will allow U.S. producers to be more competitive. The U.S. heavy equipment industry
appears to be seeking a(n):
329. Having recently found sources of oil on their own land, the infant nation of Lancerland
enacted a tariff on imported petroleum in order to raise money for their new government. This
trade restriction is an example of a(n) ________ tariff.
330. Norvada is a small nation that has followed protectionist policies for many years. Which
of the following would be an example of a nontariff barrier established by Norvada?
331. A small Italian grocery store sells five varieties of feta cheese. It offers Bulgarian, French,
Danish, Greek, and one that is processed and sold from Tillamook, Oregon. The domestic variety
sells for $1.99/pound, while all the others sell for more than $2.99/pound, and the Greek variety
is priced at $6.99/pound. The domestic variety is much cheaper because:
332. A major concern voiced by U.S. critics of the North American Free Trade Agreement
(NAFTA) was that it would result in:
333. One objective of NAFTA is:
334. France, Italy, Denmark, and Luxembourg are all members of the EU. Which of the
following statements is an accurate description of trade between these nations?
335. The outlook for growth in global trade appears to be:
336. Global trade with China is:
337. Many business experts contend that __________ will likely be the growth market of the
future.
338. The “second wave” of offshore outsourcing refers to:
339. When U.S. firms choose to hire skilled and unskilled workers in other countries to
produce goods and services, rather than producing them in the United States, we refer to this as
________.