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Chapter 17 Sections 2 and 3 Chapter 18 Section 1...

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Chapter 17 Sections 2 and 3, Chapter 18 Section 1A.Chapter 17 Section 21.Barriers to International Tradea)Restricting International TradeI.Trade can displace certain industries and people.II.Tariff- tax placed on imports to increase the price of a foreign good.III.Quota- a limit placed on a type of good from another country.IV.Protective Tariff- tariff high enough to protect less-efficient domesticindustries.V.Revenue Tariff-tariff high enough to generate revenue for thegovernment without prohibiting imports.VI.Embargo-a government order prohibiting the movement of goods to acountry.VII.Inspections- Imported goods are subject to health inspections.VIII.Protectionists- a government order prohibiting the movement of goodsto a country.IX.Free Traders- prefer fewer or even no trade restrictions.X.Infant Industries Argument- new or emerging industries should beprotected from foreign competition.XI.Tariffs and quotas protect domestic jobs from cheap foreign labor.XII.Balance of Payments- the difference between the money a country paysout to, and receives from, other nations when it engages in internationaltrade.XIII.Most Favored Nation Clause- a provision allowing a country to receivethe same tariff reduction that the United States gives to any thirdcountry.XIV.GATT (General Agreement on Tariffs and Trade)- Under GATT, nationsagreed to extend tariff concessions and worked to eliminate importquotas.

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Term
Spring
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Tags
International Trade, International Monetary Fund

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