DIRECTIONS: As in the popular TV game show, you are given an answer to a question and you must respond with the question. For example, if the answer is, "a tax on imports", then the correct question is, "What is a tariff?"
- term often used as a synonym for an improvement in economic efficiency.
- type of efficiency improvement in which productivity rises for the given resource endowments available for use in production.
- principle, which if applied in practice, could eliminate the negative impacts of income redistribution that may arise with free trade.
- term used to describe market conditions which open up the possibility for welfare improving trade policies.
- term used to describe a market equilibrium in which market imperfections or distortions are present.
- term used to describe a potentially welfare reducing reaction to beggar-thy-neighbor trade policies.
- term used to describe the lowest-cost policy action which corrects for market distortions or imperfections.
- often overlooked deficiencies that affects the ability of government to set effective policies.
- term used to describe the process by which individuals inform the government of their preferred policies.
- the premier controversy in international trade policy analysis.