Miscellaneous Quiz / Econ340 Midterm 2

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Can you name the Midterm 2 vocabulary terms?

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definitionanswer
excess profits earned by foreign producers in an export market. occur when a quota causes a price increase in the market receiving exports.
young industry. argument for tariff protection often made on belief that an industry cannot compete at present but will grow into a competitive industry
temporary tariff protection granted to an industry that experiences a sudden and harmful surge in imports
any trade barrier that is clearly defined as a barrier. tariffs are most transparent.
form of dwl. loss of income or output that occurs when a nation produces a good at a cost higher than world price.
difference between the minimum price a producer would accept to prouce a given quatity and the price it acutally receives.
amount of a tariff or tariff equivalence of a quota
agreement between nations in which the exporting nation voluntarily agrees to limit exports in order to reduce competition in the importing country
price of a good minus the value of intermediate inputs used to produce it. measures the contribution of capital and labor at a given stage of production
gov't assistance for industry. direct loans or transfers, preferential tax treatments, a direct supply of goods, or income and price supports.
A pure economic loss with no corresponding gains elsewhere in the economy.
agreement that emerged from the Uruguay Round of GATT. requires increased enforcement of intellectual property rights
nontariff barriers that are not quotas. any regulatory or policy rule other than tariff or quotas that reduce the physical quantity of imports or exports.
definitionanswer
country that purchases a significant share of the worlds output of a certain good may improve its welfare by imposing a tariff that causes import prices to fall
not easily interpreted or understood. For example some countries use red tape and bureaucratic rules to block imports
The difference between the value of a good to consumers and the price they have to pay.
Selling in a foreign market at less than fair value.
standard for determining if dumping occurs--varies by country. average price in the exporter's home market or the avg price in 3rd country markets.
tariff levied on imports in relatiation for selling below fair value.
nominal rate + tariffs on intermediate inputs. measured by % change in domestic value added after tariffs on intermediate and final g
divided into copyrights for literay and artistic work and industrial property rights for trademarks, patents, designs, geographical indications and layout of integrated circuits
part of US trade law requiring the US trade rep to monitor property rights enforcement around the globe
A tariff on imports that is levied in retaliation against forign subsidies
clause in US trade legislation that requires the US trade rep to take action against any nation that persistently engages in unfair trade practices
any trade barrier that isnt a tarrif--like quotas, red tape and regulations, rules requiring governments to purchase from domestic produces and other policies

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