16-China Signs Pact to Ban Lead Paint in Export Toys WASHINGTON, Sept. 11 (AP) —

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16-China Signs Pact to Ban Lead Paint in Export Toys

WASHINGTON, Sept. 11 (AP) — China signed an agreement Tuesday to prohibit the use of lead paint on toys exported to the United States.

The agreement, announced at the second United States-China meeting on consumer product safety, was negotiated after the recent recalls of millions of toys decorated with paint containing the metal, which can be toxic if ingested.

China has faced stiff pressure this year after an array of its exports, including toys, pet food ingredients, fish and jewelry, have been recalled over health and safety concerns.

In the pact, Beijing also pledged to increase inspections of its exports and take other steps to ensure that those products meet American standards, said Nancy A. Nord, acting head of the United States Consumer Product Safety Commission. That will include joint efforts by the two countries to increase understanding manufacturers and exporters.

The absence of such an understanding allowed paint suppliers to provide lead paint to companies making toys sold by Mattel and other companies, said Wei Chuanzhong, vice minister of the General Administration of Quality Supervision, Inspection and Quarantine. Lead paint, which is typically cheaper than paint without lead, has been banned on toys made in the United States since 1978.

If China had not signed the agreement, it would have most likely resulted in a(n) ____________ on the part of U.S.

A - Anti-dumping tariff

B- Embargo

C- Boycott

D - Import license

14- Match the following. Use one option for each. Do not repeat answer.

A-Boycot B- Import License C-Dumping D-Local Content requirement E- Embargo -F Tarrif

A tax on imports --------

When a foreign firms sells a product abroad below the price it charges in local market-------------

Granted to a business by the government to import certain goods into the country--------------

The government requires certain percentage of of a good be made domestically-------------

An absolute restriction against the purchase and importation of certain goods from other countries.------------

It is the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it or bring about changes-------

13-Match the following. Use one option for each. Do not repeat answer.

A- Adam Smith B-Comparative Advantage C-Merchantilism D- Cluster E - Oportunity Cost F-David Ricardo

A nation's wealth was determined by the amount of gold and silver holdings-----

Absolute advantage was proposed by this individual ------

even though one country may be better at producing a good than a second country, it still may be beneficial to trade with the second country if the second country has lower opportunity costs in that particular good.-------

That which you are willing to give up or sacrifice to make a product. -----------

Comparative advantage was proposed by this individual ------

A geographic concentration of related companies, organizations, and institutions in a particular industry gathered together in close proximity-------

Explanation / Answer

16. B- Embargo

It is the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it or bring about changes in the international market.

14. 1) F-Tariff

2) C-Dumping

3) B- Import License

4) D-Local Content requirement

5) A-Boycot

6) E- Embargo

13. 1) C-Merchantilism

2) A- Adam Smith

3) B-Comparative Advantage

4) E - Oportunity Cost

5) F-David Ricardo

6) D- Cluster

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