Trade Problem Set 120 J-1

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?"

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1. term often used as a synonym for an improvement in economic efficiency.
2. type of efficiency improvement in which productivity rises for the given resource endowments available for use in production.
3. principle, which if applied in practice, could eliminate the negative impacts of income redistribution that may arise with free trade.
4. term used to describe market conditions which open up the possibility for welfare improving trade policies.
5. term used to describe a market equilibrium in which market imperfections or distortions are present.
6. term used to describe a potentially welfare reducing reaction to beggar-thy-neighbor trade policies.
7. term used to describe the lowest-cost policy action which corrects for market distortions or imperfections.
8. often overlooked deficiencies that affects the ability of government to set effective policies.
9. term used to describe the process by which individuals inform the government of their preferred policies.
10. the premier controversy in international trade policy analysis.

 

International Trade Theory and Policy - Chapter 120: Last Updated on 1/06/08