| absolute advantage autarky gains from trade open economy free trade () General Agreement on Tariffs and Trade (GATT) dumping exports export transactions closed economy protective tariff foreign trade imports Asian tigers G-7 Nations gains from trade capital outflow immobility domestic price capital flight marginal propensity to import voluntary export restriction economic impact of quotas economic impact of tariffs () outward orientation European Union import substitution trade surplus | exports control , developing countries tariff less developed countries nontariff barriers international balance of payment comparative advantage developed countries () World Trade Organization (WTO) world price trade balance barriers to trade new global compact - Organization of Petrolium Exporting Counrties (OPEC) trade control equilibrium world price World Bank strategic trade policy export subsidies terms of trade revenue tariff capital-intensive commodities (goods) external debt trade war |
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13. What are the principal exports and imports of the Ukrainian economy?
14. Which nations are the principal,,trading partners of Ukraine?
15. What motivates nations to erect barriers to the importation of goods from abroad and what types of barriers do they erect?
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6. The motive for the erection by a nation of barriers to the importation of goods and services from abroad is to:
a) improve economic efficiency in that nation;
b) protect and benefit special interest groups in that nation;
c) reduce the prices of the goods and services produced in that nation;
d) expand the export of goods and services to foreign nations.
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14
