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Chapter 7 Parkin & Bade
terms
6
Economics
Undergraduate 1
12/08/2015

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Term
imports, exports
Definition
The goods and services that we buy from other countries are our _______ , and the goods and services that we sell to people in other countries are our ________ .
Term
tariff
Definition
A ________ is a tax on a good that is imposed by the importing country when an imported good crosses its international boundary.
Term
dumping
Definition
_____________occurs when a foreign firm sells its exports at a lower price than its cost of production.
Term
rent seeking
Definition
______________ is lobbying for special treatment by the government to create economic profit or to divert consumer surplus or producer surplus away from others.
Term
import quota
Definition
An _____________ is a restriction that limits the quantity of a good that may be imported in a given period.
Term
offshore sourcing
Definition
______________ - buying goods, components, or services from firms in other countries—brings gains from trade identical to those of any other type of trade.
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