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A absolute advantage A country has an absolute advantage in the production of a product when it is more efficient than any other country at producing it. ad valorem tariff A tariff levied as a proportion of the value of an imported good. administrative trade policies Administrative policies, typically adopted by government bureaucracies, that can be used to restrict imports or boost exports. Andean Pact A 1969 agreement between Bolivia, Chile, Ecuador, Colombia, and Peru to establish a customs union. antidumping policies Designed to punish foreign firms that engage in dumping and thus protect domestic producers from unfair foreign competition. antidumping regulations Regulations designed to restrict the sale of goods for less than their fair market price. arbitrage The purchase of securities in one market for immediate resale in another to profit from a price discrepancy. ASEAN (Association of South East Asian Nations) Formed in 1967, an attempt to establish a free trade area between Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand. |
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