MBA 759 Test 1 – Questions With Complete
Solutions
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Terms in this set (92)
America's Inflation Reduction Act •Passed into law in August 2022.
•Included incentives to accelerate the switch to
green technologies—electric vehicles and wind and
solar power.
•Essentially constituted a restraint on trade.
- Tax credits for battery components and vehicles
assembled in the US.
free trade •Absence of barriers to the free flow of goods and
services between countries.
•Government does not attempt to restrict what its
citizens can buy from another country or what they
can sell to another country.
General Agreement on Tariffs and international treaty that committed signatories to
Trade (GATT): lowering barriers to the free flow of goods across
national borders, succeeded by the WTO
, tariffs A tax levied on imports that effectively raises the
cost of imported products relative to domestic
products.
import tariffs taxes on levied imports
specific tariffs levied as a fixed charge for each unit of an imported
good; assessed as a specific dollar amount per unit
of weight or other standard measure
ad valorem tariffs levied as a proportion of the value of an imported
good
tariffs. •Produce government revenues.
•Provide protection to domestic producers against
foreign competitors by increasing the cost of
imported foreign goods.
•Cause consumers to pay more for certain imports.
•are generally pro-producer and anti consumer.
•Import _______ reduce the overall efficiency of the
world economy.
export tariff •tax placed on the export of a good.
•Goal is to discriminate against exporting to ensure
supply.
export ban a policy that partially or entirely restricts the export
of a good
subsidy a government payment to a domestic producer;
help domestic producers:
•Compete against low-cost foreign imports.
•Gain export markets.
consumers (individuals and corporations) typically absorb the
costs of subsidies
Solutions
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Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (92)
America's Inflation Reduction Act •Passed into law in August 2022.
•Included incentives to accelerate the switch to
green technologies—electric vehicles and wind and
solar power.
•Essentially constituted a restraint on trade.
- Tax credits for battery components and vehicles
assembled in the US.
free trade •Absence of barriers to the free flow of goods and
services between countries.
•Government does not attempt to restrict what its
citizens can buy from another country or what they
can sell to another country.
General Agreement on Tariffs and international treaty that committed signatories to
Trade (GATT): lowering barriers to the free flow of goods across
national borders, succeeded by the WTO
, tariffs A tax levied on imports that effectively raises the
cost of imported products relative to domestic
products.
import tariffs taxes on levied imports
specific tariffs levied as a fixed charge for each unit of an imported
good; assessed as a specific dollar amount per unit
of weight or other standard measure
ad valorem tariffs levied as a proportion of the value of an imported
good
tariffs. •Produce government revenues.
•Provide protection to domestic producers against
foreign competitors by increasing the cost of
imported foreign goods.
•Cause consumers to pay more for certain imports.
•are generally pro-producer and anti consumer.
•Import _______ reduce the overall efficiency of the
world economy.
export tariff •tax placed on the export of a good.
•Goal is to discriminate against exporting to ensure
supply.
export ban a policy that partially or entirely restricts the export
of a good
subsidy a government payment to a domestic producer;
help domestic producers:
•Compete against low-cost foreign imports.
•Gain export markets.
consumers (individuals and corporations) typically absorb the
costs of subsidies
