5.3 Define and explain the following terms: Tariff vs. Non-tariff barrier Ad-valorem vs. Excise tax C ) Voluntary restraint arrangement (VRA) d) Autarky e) Mercantilism Gains from trade Theory of comparative advantage Theory of factor endowments Product life cycle New trade theory K) List the 3 main arguments for protectionism Prisoners' Dilemma Most-favored-nation (MFN) principle National treatment principle Trade creation vs. trade diversion Bilateral vs. Multilateral trading arrangements