Specialization
McDonald's and Burger King specialize in fast food. This is called __________ specialization.
Firms
A record of all exports and imports of goods and services of a country
Current account
The value of currency is determined by the market forces of demand and supply
floating exchange rate
A type of protection that involves placing a ban on the trade
Embargo
What has a head and a tail but no body?
A coin
Specialization makes better use of scarce resources. This is called ________
Efficiency gains
A record of export and import of physical goods
visible trade balance
The value of a currency is deliberately increased in a fixed exchange rate system
Revaluation
International trade without any protectionist barriers between countries
Free trade
What is the longest English word with only one vowel?
Strengths
Workers become more skilled in the jobs they do because of specialization
Labour productivity
___________ happens when a country's financial outflows are greater than its financial inflows
current account deficit
A fall in the value of a currency in a floating exchange rate system
Depreciation
A type of protection that sets a numerical limit on the number of imports
Quota
In ancient Egyptian mythology, who was the goddess of love and joy?
Hathor
A disadvantage of specialization when workers choose to leave their jobs.
High labour turnover
From the perspective of UK: American tourists flying to the UK on British Airways is an example of ___________.
invisible export
What country uses WON as its currency?
Korea
Import taxes that are imposed on foreign goods
What was the most sold game for the Super Nintendo?
Super Mario World
Bangladesh's income relies much on the export revenue of crude oil. This condition is known as _________.
Overspecialization
Investment in education and healthcare to improve the economy's human capital
supply-side policy
If £1 = €1.5, so €15000 equals to _________
£10000
The act of selling exports at artificially low prices below those charged by domestic firms
Dumping
What's the only food that never expires?
Honey