HIST 151 Week 7

a __________ is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export.

A free trade agreement can be

• unilateral

• multilateral

• bilateral

• regional

• all of the above

Which of the following are costs associated with trade?

• transportation

• currency

• information

• language

• security

The problem with a game theory payoff matrix is that it is limited to only two countries and two choices.

• True

• False

a __________ is a tax imposed by a government of a country or of a supranational union on imports or exports of goods.

The gravity theory of trade takes into account which characteristics of trading partners?

• common language

• economic size

• distance

• customs

• border regulations

Most middle income countries have eventually escaped the middle income trap.

• True

• False

An __________ industry is a new industry in a country, which in its early stages experiences relative difficulty or is absolutely incapable of competing with established competitors abroad.

Which industrial policy has proven to be most effective at producing long term economic growth?

• import substitution industrialization

• free market without government policy

• export led development

• command economy

• none of the above

Positive economic statements should be uplifting and hopeful.

• True

• False