International Trade

The theory of __________ holds that nations can improve economic well-being by increasing exports and limiting imports.

The theory of __________ holds that a country should export goods that use its abundant resources and import goods that use its scarce resources.

A __________ barrier is any government-imposed restriction on the flow of international goods or services.

Non-Tariff Barriers (NTBs) include __________ and __________ restrictions that are not related to tariffs.

__________ refers to the process of determining the value of imported goods for the purpose of calculating customs duties.

__________ are financial assistance given to domestic producers to make their goods more competitive against imports.

__________ is the use of trade barriers to protect domestic industries from foreign competition.

The theory of __________ was developed by Adam Smith, promoting the idea that countries should specialize in producing goods where they have an absolute advantage.

A __________ is a government-imposed limit on the quantity of goods that can be imported or exported.

The __________ Agreement is an international treaty aimed at reducing tariffs and other trade barriers.