Question

a. economic union	f. GATT
b. non-tariff barriers	g. import quota
c. anti-dumping laws	h. WTO
d. free trade agreement	i. protectionism
e. race to the bottom	j. dumping

( H ) An organization formed after WWII to help set rules for international trade

and to reduce trade barriers.

( F   ) A trade agreement aimed to reduce trade barriers between countries.

(    ) They are responsible for monitoring and enforcing multilateral trade

agreements among 133 countries.

(    ) Attempts to restrict foreign trade, or shield domestic firms from

          international competition.

(    ) Allowing the exchanging goods and services between countries without

          interference.

(    ) Production shifting to countries with low environmental standards put even

more pressure on all countries to lower their standards to compete.

( C ) These block imports sold below the cost of production, or impose a tariff that

would bring the price up to the cost of production.

(    ) Rules, regulations, inspections, and paperwork that make it more difficult or

costly to import goods..

(    ) This is selling a good in a foreign country at a lower price than it is sold in the

country that produces it.

(    ) This is a trade restriction where the amount of a good or service allowed into

a country is limited.

Answer 1

The General Agreement on Tariffs and Trade(GATT) which was officially constituted after WW-II in 1948 among various countries is basically intended to promote free international trade of various goods and services in the world across international borders by reducing or minimizing various trade related barriers or interference such as import tariffs, government subsidies, quota restrictions, etc. Thus, the answer, in this case, would be option f. or GATT.

A free trade agreement is a trade agreement among various trading countries which is primarily intended to promote import and export of various goods and services among those countries by reducing trade related barriers such as tariffs, government quotas, subsidies, and other administrative prohibitions. Therefore, the answer here would be option d. or free trade agreement.

One of the main and important functions or responsibilities of the WTO or the World Trade Organization is the enforce and monitor the various multitrade agreements among the respective countries across the world. Hence, the answer here would be option h. or WTO.

In International Economics and Internataional Trade, protectionism refers to the safeguarding of the domestic or local producers or sellers of various goods and services against competition or rivalry in the international market by restricting foreign trade or especially imports. Hence, the answer here would be option i. or protectionism.

An economic union constitutes a trade bloc involving several or multiple countries which is aimed at allowing the exchange of various goods and services and various factors or inputs of production across international borders freely without any restrictions or interference. Therefore, the answer, in this case would option a. or economic union.

The race to bottom basically refers to the relaxation or removal of standards, restrictions, regulations, etc. by the governments in various countries to entyce the companies or business organizations to operate in those countries so that they don't fall behind in the international economic or commercial competition. In this instance, the relaxation of the environmental standards is a way to attract the business organizations or companies as the production or operation of these companies shifts predominantly to the countries having lower environmental standards. Therefore, the answer, in this case would be option e. or race to bottom.

The anti-dumping laws are protectionist measures implemented by the government of the importing country against selling a good or service at a price lower than the fair market price usually by imposing a retaliatory tariff to pull up the price up to the cost of production. Hence, the answer here would be option c. or anti-dumping laws.

The non-tariff barriers basically constitute the barriers or restrictions to trade or import other than the import tariffs such as levies, paperwork, administrative rules and regulations, inspections ,etc. which makes it more costly to import any product or service. Thus, the answer, in this case would be option b. or non-tariff barriers.

In the context of international trade, dumping basically refers to the practice of exporting or selling any product or service to the importing country at a price lower than the price of the same product or service in the exporting country or where it has been produced. Therefore, the answer here would be option j. or dumping.

The import quota constitutes a quantitative trade restriction which essentially enforces a physical limit or restriction on the overall amount of goods and services that can be imported by or allowed into any country. Hence, the answer, in this case would be option g. or import quota.