MKT 404 - Chapter 2

Trade Barriers have two types:

• tariff and non-tariff

• import and export

• International and domestic

Quotas are type of:

• Tariff barriers

• Non-tariff barriers

Favorable balance of trade in U.S means:

• U.S. sold more to other countries than it bought from them

• U.S. bought more from other countries than it sold to them

The system of accounts that records a nation’s international financial transactions is called its

• Balance of payment

• Current Account

• Reserve Account

Refusing to allow importers to exchange the national currency for the sellers’ currency is called:

• Declined Currency

• Blocked Currency

• In-accepted Currency