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Study Guide - Exam II Study GuideIB 555 Professor Rodgers...

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Exam II Study Guide—IB 555 Professor Rodgers International Trade Theory (from 7/20): Reading: p. 160-176, 180-188 Definitions (key terms): free trade, new trade theory, mercantilism, zero-sum game, absolute advantage, factor endowments, economies of scale, first mover advantages Key concepts Benefits of trade Mercantilism Absolute Advantage Comparative Advantage Samuelson Critique Hecksher-Ohlin Theory Leontief Paradox New Trade Theory Porter’s diamond Ideas behind trade theories International Trade Application, WTO Case (from 7/22) Reading: WTO case Definitions (key terms): tariffs, subsidy, import/export quota, voluntary export restraint, local content requirement, dumping, administrative policies, embargo, Smoot-Hawley Act, GATT, WTO Key concepts: History of GATT/WTO Reasons for government interventions in trade Trade policy instruments and how they work Benefits/drawbacks of trade intervention Trade barriers and firm strategy Understand what the WTO is and how it works Challenges of the WTO
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