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ECON 201 Lecture Notes - Lecture 30: Import Quota, Electric Car, International Trade

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Verified Note
sapphiretiger55
6 Dec 2018
School
University of Maryland
Department
Economics
Course
ECON 201
Professor
John Neri

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ECON 201 verified notes
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1

ECON 201 Lecture 1: Introduction

2

ECON 201 Lecture Notes - Lecture 2: Annual Percentage Rate, Aggregate Demand, Government Budget Balance

30

ECON 201 Lecture Notes - Lecture 30: Import Quota, Electric Car, International Trade

Document Summary

Import quota: a governmental restriction on the quantities of a particular commodity that may be imported within a specific period of time, usually with the goal of protecting domestic producers of that commodity from foreign competition. Ex: united states had a sugar import quota during the 1980s to protect american sugar growers. Import tariff: tariffs are used to restrict imports by increasing the price of goods and services purchased from overseas and making them less attractive to consumer. A specific tariff is levied as a fixed fee based on the type of item, for example, ,000 on any car. An ad-valorem tariff is levied based on the item"s value, for example, 10% of the car"s value. Infant industries: industries that are just getting started. Open economy: market-economy mostly free from trade barriers and where exports and imports form a large percentage of the gdp.

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Related Questions

Question 1

  1. In 2003, the ________ ruled that U.S. tariffs on steel imported from the EU were unfair and allowed the EU to issue retaliatory tariffs on U.S. products.
       
    World Trade Organization
       
    United Nations
       
    European Central Bank
       
    International Human Rights Commission

Question 2

  1. The idea of the U.S.-Canadian Free-Trade Agreement that ________ barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.
       
    increased all
       
    removed some
       
    removed all
       
    increased some

Question 3

  1. According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.
       
    import; the lowest
       
    import; negative
       
    export; the lowest
       
    export; the highest

Question 4

  1. A quota is a restriction on imports.
    True
    False

    Question 5

    1. If Holland decreases subsidies to its tulip growers, the price of tulips in the United States will rise.
      True
      False

    Question 6

    1. According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most efficiently.
         
      only the smaller
         
      only the larger
         
      neither
         
      each

    Question 7

    1. ________ U.S. president(s) who has/have held office since GATT was signed has argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.
         
      Only one
         
      No
         
      Every
         
      Only 3

    Question 8

    1. In 1991, the European Union began the process of forming the
         
      largest free-trade zone in the world.
         
      only continental military force in the world.
         
      first international trade agreement in the world.
         
      first unified currency in the world.

      1. Question 9

        1. The Smoot-Hawley tariff set off an international trade war in the
             
          1930s.
             
          1950s.
             
          1970s.
             
          1990s.



          Please help me with these questions Thank you.