Global legal structures are designed to either encourage or limit trade. Name and define five of these legal structures.
What will be an ideal response?
There are six legal structures described in the chapter, and students can discuss any five:
TARIFF. A tax levied on the goods entering a country.
QUOTA. A limit on the amount of a specific product that can enter a country.
BOYCOTT. An exclusion of all products from certain countries or companies.
EXCHANGE CONTROL. A law compelling a company earning foreign exchange from its exports to sell it to a control agency such as a central bank.
TRADE AGREEMENT. Agreement to stimulate international trade such as the General Agreement on Tariffs and Trade (GATT) or the North American Free Trade Agreement (NAFTA).
MARKET GROUPING. Trade alliances such as the European Union in which several countries agree to work together to form a common trade area that enhances trade opportunities.
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