Trade Barriers
A tax on imported goods
What is a Tariff?
What three countries makeup NAFTA?
United States, Canada, Mexico.
What is absolute advantage?
When a country can produce more goods than another.
The U.S. buys more oil. Has the value of the dollar appreciated or depreciated?
Appreciated
What is Free trade?
Trade without barriers, etc.
If a country does not allow any imported goods from another country
What is an Embargo?
What trade bloc uses the Euro?
What is comparative advantage?
When a country can produce a good at a lower opportunity cost than another.
The U.S. export more than imports. Has the value of the dollar appreciated or depreciated?
Deprecitation
What is protectionism?
When a nation feels the need to protect its domestic industries from foreign competition.
Japan only imports 10,000 cars a year.
What is a Quota?
What continent/region is ASEAN located in.
South east Asia/Asia
If Japan makes 50 pounds of fish, and Australia makes 125 pounds of fish, who has the absolute advantage?
Australia
Ford sells fewer trucks to Japan. Has the value of the dollar appreciated or depreciated?
Appreciation
How would protectionism help domestic workers?
Workers won't have to worry about foreign workers taking their jobs.
Coach Hudlow receives 1,000,000 dollars to start his burger restaurant.
What is a subsidy?
This country left the EU recently.
What is the UK?
Why should countries specialize in the production of certain products?
Some countries are better off producing other products and should just import certain products.
Mr. Bagwell plans a trip to Montana instead of going to Bali, Has the value of the dollar appreciated or depreciated?
Depreciated
Why do we need national security when it comes to trade?
Make sure products that are coming into the country are not harmful or to make sure no terrorist acts can be committed through trade.
In the early 2000s, the U.S. put standards on paint imported because of what?
What is Lead?
Trade Blocs aims to do what?
Promote free trade and break down trade barriers.
If Japan makes 50 pounds of fish and 100 pounds of rice. Australia makes 125 pounds of fish 50 pounds of Rice. Who has the comparative advantage in Rice?
Japan
China begins investing in Apple. Has the value of the dollar appreciated or depreciated?
Depreciated
Overall who is protected the most under protectionism?
Domestic workers