Revision test. I. Complete the following sentences:

I. Complete the following sentences:

a) An extra sum of money which is paid in addition to the normal cost of something is called:

1) a premium

2) a preference

3) a quota.

b) Anti-dumping laws are designed to:

1) to promote liberal economics

2) to protect domestic industries from foreign take-over or competition

3) to cut red tape.

c) Numerical limitations on imports are referred to as

1) quotas

2) tariffs

3) preferences.

d) Safeguard measures are temporary trade restrictions protecting an industry from

1) faircompetition

2) unfair competition.

II. Fill in the blanks in the sentences below:

1. ____________is by far the most prevalent instrument for imposing new import restrictions.

2. Temporary restrictions allowed by the WTO are anti-dumping duties, _____________, and ____________.

3. Safeguard measures are temporary trade restrictions protecting an industry from ________ competition, beyond the protection afforded by tariffs negotiated as part of GATT.

4. Anti-dumping duties are allowed by the WTO under specific circumstances of unfair competition (______________ or ______________ on the part of the trading partners), conditional on a detailed investigation showing that the domestic industry is being hurt.

5. The difference between anti-dumping duties and safeguard measures is that the former may only be imposed when foreign exporters are engaged in anti- ___________ practices while the latter may be imposed on exporters that have a fair competitive advantage.

III. Provide synonyms for the following words and expressions:

1) to increase

2) to redistribute

3) to counterbalance

4) free trade

IV. Define the terms used in Unit 1:

V. Translate the following sentences into English:

1. Пошлины и квоты снижают жизненный уровень, поскольку они позволяют промышленникам заниматься производством не самых эффективных линий товаров.

2. Защита любой отрасли отечественной промышленности в некотором роде причиняет ущерб другим отраслям.

3. Новые отрасли могут нуждаться в защите от признанных заграничных фирм до тех пор, пока они не «созреют» для того, чтобы конкурировать с ними лицом к лицу.

4. Соглашения ВТО позволяют странам вводить изменения постепенно, посредством «последовательной либерализации».