Macro 6.0 PPT
These are taxes placed on an imported product:
Tariffs
What is usually the main difference when it comes to comparing the cost of living in city A to city b?
Housing (Prices)/Real Estate
This was signed in 1947, and extended tariff concessions and worked to eliminate quotas:
GATT (General Agreement on Tariffs and Trade)
When the U.S. $ is weak, do foreign goods cost more or less to us as Americans?
More
This teacher served in the military in the Iraq War:
Mr. Garth Flint
The infantile industries argument is usually promoted by free traders, true or false?
False, Protectionists
Missoula- it has more expensive real estate
This organization replaced GATT in 1994 (it is not NAFTA, that was 1993):
World Trade Organization
This is the difference between money paid to, and received from, other nations in trade:
Balance of Payments
This teacher lived in Hong Kong for 3 years:
Mr. Alex Benz
Hypothetical example: The U.S. doesn't allow more than 2 million Japanese cars exactly to be imported into our country each year. This is an example of a(n):
Quota
According to an accurate COLI, where is it more expensive to live, New York City, or San Francisco?
San Francisco
When the U.S. used fixed exchange rates (most of the world, actually) for the first part of the 1900s, the U.S. dollar was "pegged" to this item:
Gold ("the gold standard")
$ on exports > imports= trade _________.
surplus
This teacher is from Minnesota:
Mr. Dave Klein
Most economists and free traders believe that reducing imports is a bad idea, true or false?
True
According to an accurate COLI, what is more expensive to live in, Missoula or Bozeman?
Bozeman- higher real estate prices here once again
This is the price of one country's currency in terms of another country's currency: (3 words)
Foreign Exchange Rate
$ on imports >exports is a trade _________.
deficit
This teacher is from Texas:
Mr. Steven Sinskichott
These kinds of tariffs are taxes on an imported product designed to protect less efficient domestic producers:
Protective Tariffs
According to an accurate COLI, where is it more expensive to live, Missoula or Whitefish?
Whitefish
This is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy:
Purchasing Power
Using current exchange rates, you can buy $1.31 of this currency for just $1 USD:
Canadian Dollar (eh?)
This teacher is originally from Louisiana:
Miss Isabelle Tutwiller