Exploring Economics Notgrass Lesson 38 Questions And Answers Graded A+

GATT and WTO are abbreviations for what? - General Agreement on Tariffs and Trade and World Trade Organization Give four examples of transaction costs. - Import tariffs, fuel expenses, business taxes, and costs of complying with regulations. How extensively has the U.S. extended NTR status? - The U.S. has extended NTR status to most nations of the world. NAFTA is an abbreviation for what? - North American Free Trade Agreement Name three results of the Smoot-Hawley Tariff of 1930. - Other countries retaliated with tariffs on American goods, America's foreign trade fell by more than half, and the law cost American jobs and probably contributed to the severity of the Great Depression. NTR is an abbreviation for what term? - Normal Trade Relations NTR replaced MFN, which means what? - Most Favored Nation What are your thoughts about the Milton Friedman quote at the beginning of Lesson 38: "Underlying most arguments against the free market is a lack of belief in freedom itself"? - Answers will vary. What is the purpose of the fair trade movement? - To help families and small companies in lessdeveloped countries compete in the world economy What new pattern of trade did Franklin Roosevelt begin? - Negotiating reciprocal trade agreements with individual nations