chapter 19

As global trade grows, global competition is decreasing.

• TRUE

• FALSE

Governments may charge _______, taxes on certain imported products designed to raise revenue or protect domestic firms.

• Tariffs

• Quotas

• Exchange controls

_________are often used to force favorable trade behaviors from other nations.

• Quotas

• Tariffs

• Exchange controls

A Quota barrier is restrictive product standards

• TRUE

• FALSE

It established the World Trade Organization (WTO), which replaced _____ in 1995.

• COMESA

• NAFTA

• GATT

Economic communities are also known as free trade zones

• TRUE

• FALSE

A group of nations organized to work toward common goals in the regulation of international trade.

• Exchange controls

• Economic community

• GATT

which of the following was designed to promote world trade by reducing tariffs and other international trade barriers?

• EU

• NAFTA

• GATT

GCC is an example of Economic community

• TRUE

• FALSE

Bias against bids is an example of ________.

• Nontariff trade barrier

• Quota

• Tariff