DBIA EXAM 2 STUDY GUIDE PRACTICE QUESTIONS AND ANSWERS 100%
VERIFIED 2025!!
16th century through the end of 18th the doctrine of mercantilism dominated
century at what century?
is an economic policy that is designed
to maximize the exports and minimize
the imports for an economy. It promotes
Merchantilism
imperialism, colonialism, tariffs and sub-
sidies on traded goods to achieve that
goal.
Foreign ships were prohibited from tak-
ing part in coastal trade in England, and
all imports from continental Europe were
British Navigation Act of 1651
required to be carried by either British
ships or ships that were registered in the
country where the goods were produced.
who wrote about both of whom stressed
the desirability of imports and stated that
Adam Smith and David Ricardo
exports were just the necessary cost of
acquiring them.
greatly aided the British carry trade and
made permissible the reciprocal removal
1823 Reciprocity of Duties
of import duties under bilateral trade
agreements with other nations.
were tariffs and other trade restrictions
on imported food and corn enforced in
Corn Laws
the United Kingdom between 1815 and
1846.
1846 Corn Laws was repealed at what year?
The 1860 treaty ended tariffs on the main
items of trade—wine, brandy and silk
The Cobden-Chevalier Treaty of 1860
goods from France, and coal, iron and
industrial goods from Britain.
a non-discriminatory policy that requires
MFN- most favored nation countries to treat all other countries the
same when it comes to trade.
1/5
, DBIA EXAM 2 STUDY GUIDE PRACTICE QUESTIONS AND ANSWERS 100%
VERIFIED 2025!!
Most favored nation what does MFN stands for?
1873-1877 what year severe depression occur?
In 1879, Germany would revert to more
"iron and rye" tariff
protectionist policies with its
The tariff raised the average duty on im-
ports to almost fifty percent, an increase
The McKinley Tariff Act of 1890
designed to protect domestic industries
and workers from foreign competition.
international monetary fund IMF?
international Trade Organization ITO?
arose out of the 1944 Bretton Woods
IMF, ITO
Agreement.
General agreement on tariffs and trade GATT?
is a treaty minimizing barriers to inter-
national trade by eliminating or reducing
GATT 1947 quotas, tariffs, and subsidies. It was in-
tended to boost economic recovery after
World War II.
23 how many countries signed GATT?
European Union.. The Treaty would cre-
ate a common market for coal and steel
European Coal & Steel Community among its member states with freely set
(1951) market prices, free movement of prod-
ucts, and without customs duties or tax-
es, subsidies, or restrictive practices.
succeeded the GATT as the global su-
pervisor of world trade liberalization, fol-
WORLD TRADE ORGANIZATION 1955
lowing the Uruguay Round of trade ne-
gotiations.
refers to the exchange of goods and
services between countries. In simple
International Trade
words, it means the export and import of
goods and services.
Export 2/5
VERIFIED 2025!!
16th century through the end of 18th the doctrine of mercantilism dominated
century at what century?
is an economic policy that is designed
to maximize the exports and minimize
the imports for an economy. It promotes
Merchantilism
imperialism, colonialism, tariffs and sub-
sidies on traded goods to achieve that
goal.
Foreign ships were prohibited from tak-
ing part in coastal trade in England, and
all imports from continental Europe were
British Navigation Act of 1651
required to be carried by either British
ships or ships that were registered in the
country where the goods were produced.
who wrote about both of whom stressed
the desirability of imports and stated that
Adam Smith and David Ricardo
exports were just the necessary cost of
acquiring them.
greatly aided the British carry trade and
made permissible the reciprocal removal
1823 Reciprocity of Duties
of import duties under bilateral trade
agreements with other nations.
were tariffs and other trade restrictions
on imported food and corn enforced in
Corn Laws
the United Kingdom between 1815 and
1846.
1846 Corn Laws was repealed at what year?
The 1860 treaty ended tariffs on the main
items of trade—wine, brandy and silk
The Cobden-Chevalier Treaty of 1860
goods from France, and coal, iron and
industrial goods from Britain.
a non-discriminatory policy that requires
MFN- most favored nation countries to treat all other countries the
same when it comes to trade.
1/5
, DBIA EXAM 2 STUDY GUIDE PRACTICE QUESTIONS AND ANSWERS 100%
VERIFIED 2025!!
Most favored nation what does MFN stands for?
1873-1877 what year severe depression occur?
In 1879, Germany would revert to more
"iron and rye" tariff
protectionist policies with its
The tariff raised the average duty on im-
ports to almost fifty percent, an increase
The McKinley Tariff Act of 1890
designed to protect domestic industries
and workers from foreign competition.
international monetary fund IMF?
international Trade Organization ITO?
arose out of the 1944 Bretton Woods
IMF, ITO
Agreement.
General agreement on tariffs and trade GATT?
is a treaty minimizing barriers to inter-
national trade by eliminating or reducing
GATT 1947 quotas, tariffs, and subsidies. It was in-
tended to boost economic recovery after
World War II.
23 how many countries signed GATT?
European Union.. The Treaty would cre-
ate a common market for coal and steel
European Coal & Steel Community among its member states with freely set
(1951) market prices, free movement of prod-
ucts, and without customs duties or tax-
es, subsidies, or restrictive practices.
succeeded the GATT as the global su-
pervisor of world trade liberalization, fol-
WORLD TRADE ORGANIZATION 1955
lowing the Uruguay Round of trade ne-
gotiations.
refers to the exchange of goods and
services between countries. In simple
International Trade
words, it means the export and import of
goods and services.
Export 2/5
