Integration
What is a Free Trade Area (FTA)?
In this stage of integration, member countries eliminate internal tariffs but maintain their own independent tariffs against outside countries.
If a country imports more goods and services than it exports, it is running a trade ____.
Deficit
This 18th-century Scottish philosopher wrote The Wealth of Nations and argued for free trade using the concept of absolute advantage.
Adam Smith
National currency of Poland
Polish Złoty
This treaty, signed in 1992, formally established the European Union and laid the groundwork for the single currency.
Treaty of Maastricht
What is a Common External Tariff?
Moving one step beyond an FTA, a Customs Union requires all member states to adopt one of these against non-member countries.
What is the Current Account?
Within the Balance of Payments, this account records a nation's transactions of goods, services, and income flows.
This 19th-century British political economist used the example of English cloth and Portuguese wine to formulate the theory of Comparative Advantage.
David Ricardo
Where the European Central Bank is located?
Frankfurt-am-Main, Germany
One of the EU’s main executive institutions, this body alone has the power to propose legislation at the EU level.
European Commission
What is the name of an integration stage, where besides of goods, there is free flow of labor and capital? (EU context)
Common Market
What is the Financial Account (or Capital Account)?
This other major account records the flow of money related to investments, such as Foreign Direct Investment (FDI) and real estate purchases.
This famous model predicts that a country will export goods that make intensive use of its locally abundant resources (like labor or capital).
Heckscher-Ohlin Model
Though no real structures are depicted, the banknotes of this currency feature architectural styles like alongside fictional bridges and windows meant to symbolize unity.
Euro
One the main EU institutions headquartered in Luxembourg.
The European Court of Justice
What are the Rules of Origin?
These strict requirements must be enforced to determine the "economic nationality" of a good, ensuring non-members don't exploit the lowest-tariff member.
What are remittances?
This term describes the transfers of money sent by migrant workers back to their families in their home countries.
Who is considered to be an inventor of New Trade Theory?
Paul Krugman won a Nobel Prize for this theory, which explains that modern countries trade heavily to achieve economies of scale and give consumers a "love of variety".
ntroduced in 1994 after a period of hyperinflation, this currency replaced the cruzeiro real and shares its name with the Portuguese word for “royal.”
Brazilian real
In 2010, this country became the first in the eurozone to receive a bailout from the EU and IMF, triggering a decade-long debt crisis that reshaped EU fiscal oversight.
Greece
What is the name of a 6-digit HS code?
Subheading
Who runs the largest trade deficit in the world?
USA
Who won the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel?
Aghnion, Howitt, and Mokyr (innovation and economic growth)
This currency, subdivided into 1,000 fils, is used by a country whose sovereign wealth fund is among the largest in the world, built on oil revenues.
Kuwaiti dinar
Introduced in 1999, this rule limits EU member states’ annual budget deficits to 3% of GDP and total debt to 60% of GDP, forming the core of the Stability and Growth Pact.
Maastricht convergence criteria