chapter 5 - Voluntary export restraints- restrictions on...

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Chapter 5 Export - when people in a country sell goods/services to people in another country Import - when people buy goods/services from people in another country Trade deficit - occurs when imports are greater than exports Trade surplus - occurs when exports are greater than imports Tariff - taxes on imports Import quota - restrictions on the quantity of a good that can be sold from one country to another. They are administered by the importing country
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Unformatted text preview: Voluntary export restraints- restrictions on the quantity of a good that can be sold from one country to another, expect that VERs are administered by the exporting country Infant-industry argument- it may be beneficial to give trade protection to a domestic industry during the first few years of existence. It gives the industry time to get on its feet and not be run out by well established foreign firms....
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