DBIA Exam Review Questions And Answers

The doctrine of mercantilism dominated at what century? - 16th century through the end of 18th century Is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. - Merchantilism Foreign ships were prohibited from taking part in coastal trade in England, and all imports from continental Europe were required to be carried by either British ships or ships that were registered in the country where the goods were produced. - British Navigation Act of 1651 Who wrote about both of whom stressed the desirability of imports and stated that exports were just the necessary cost of acquiring them. - Adam Smith and David Ricardo Greatly aided the British carry trade and made permissible the reciprocal removal of import duties under bilateral trade agreements with other nations. - 1823 Reciprocity of Duties Were tariffs and other trade restrictions on imported food and corn enforced in the United Kingdom between 1815 and 1846. - Corn Laws Corn Laws was repealed at what year? - 1846 The 1860 treaty ended tariffs on the main items of trade—wine, brandy and silk goods from France, and coal, iron and industrial goods from Britain. - The Cobden-Chevalier Treaty of 1860 a non-discriminatory policy that requires countries to treat all other countries the same when it comes to trade. - MFN- most favored nation what does MFN stands for? - Most favored nation what year severe depression occur? - In 1879, Germany would revert to more protectionist policies with its - "iron and rye" tariff The tariff raised the average duty on imports to almost fifty percent, an increase designed to protect domestic industries and workers from foreign competition. - The McKinley Tariff Act of 1890 IMF? - international monetary fund ITO? - international Trade Organization arose out of the 1944 Bretton Woods Agreement. - IMF, ITO GATT? - General agreement on tariffs and trade is a treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies. It was intended to boost economic recovery after World War II. - GATT 1947 how many countries signed GATT? - 23 European Union.. The Treaty would create a common market for coal and steel among its member states with freely set market prices, free movement of products, and without customs duties or taxes, subsidies, or restrictive practices. - European Coal & Steel Community (1951) succeeded the GATT as the global supervisor of world trade liberalization, following the Uruguay Round of trade negotiations. - WORLD TRADE ORGANIZATION 1955 refers to the exchange of goods and services between countries. In simple words, it means the export and import of goods and services. - International Trade means selling goods and services out of the country, - Export means goods and services flowing into the country. - import