4.1
4.2
4.3
4.6
People
100
being able to produce more with the same resources than another country
What is absolute advantage?
100
a tax on imports
What is a tariff?
100
A free trade agreement between Mexico, US and Canada
What is NAFTA?
100
The price of one currency in terms of another
What is an exchange rate?
100
The chief executive of HK
Who is Donald Tsang?
200
Being able to produce at a lower opportunity cost than another country
What is comparative advantage?
200
a limit on imports
What is a quota?
200
A free trade area with common external barriers
What is a customs union?
200
An exchange rate determined by market forces
What is a floating exchange rate?
200
President of China
Who is Hu Jintao?
300
The factors of production a country has to produce goods and services
What is factor endowment?
300
protectionism should be used to protect new firms
What is the infant industry argument?
300
Free trade, area with common external tariffs and freedom of movement of factors of production
What is a common market?
300
An exchange rate that is maintained in a narrow band and is realigned by the government in the long term
What is a managed exchange rate?
300
The US secretary of state
Who is Hilary Clinton?
400
Differences in factor endowments, variety and quality of goods, gains from specilisation and political reasons.
What are the reasons for trade?
400
selling a good overseas below cost
What is dumping?
400
The replacement of low cost producers with higher cost producers as a result of forming trading blocs
What is trade diversion?
400
Depreciating
What has been happening to the $US?
400
Who is the UK primeminister
Who is David Cameron?
500
The economist famous for the theory of comparative advantage.
Who is David Ricardo?
500
a voluntary decrease in exports caused by threats of tougher restrictions
What is a VER?
500
Loss of economic and political sovereignty
What are the obstacles to achieving Economic integration?
500
the price of a basket of goods in one country is the same in another country when expressed in the same curency
What is purchasing power parity theory?
500
Chairman of the US federal reserve (central bank)
Who is Ben Bernanke?
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