Show:
Organizations
Debates
Protectionism
Vocab
Misc
100

Has a common currency and common central bank

EU

100

List one reason why free trade is beneficial?

What is lower prices, taking advantage of endowed resources, economies of scale, increased variety or choice, acquisition of needed resources, competition can improve efficiency, political benefits, growth and development from efficient and exports.

100
Define Tarrif.
What is a tax placed on an imported good produced abroad.
100
The placement of legal restrictions on international trade.
What is protectionism.
100
What must be given up to have anything else.
What is opportunity costs.
200

List 1 arguments against free trade?

What is loss of culture, environmental, domestic job loss, displacement, etc.

200
What is a quota?
What is a limit on the physical quantity of a good that can be imported into the country.
200
A market environment where buyers and sellers can make transactions without government intervention.
What is Free Trade
200
Selling of goods to another country at a price below the original domestic production costs.
What is dumping.
300

Countries can complain to when other trading partner is implementing unfair trade measures

WTO

300
What is a subsidy?
What is a government payment to a firm that can be used to promote exports and or reduce the quantity of imports.
300
When one country can produce more of a given product with the same or less resources than another country.
What is Absolute Advantage.
400

List 2 arguments against protectionism?

What is misallocation of resources, escalation to a trade war, protectionism as a corrupt magnet, higher cost less incentive to reduce costs, higher import costs, reduced export competitiveness.

400
When a country produces a good at a lower domestic opportunity cost than another country.
What is comparative advantage.
400
The practice of allocating an individuals, an organizations, or a nation's resources towards the production of a good or a category of goods for which it has relatively low opportunity costs.
What is specialization.
500

List any one barrier to trade other than tariffs, quotas, subsidies.

environmental, administrative etc

500

Newly developed and have not had an opportunity to develop economics of scale and low costs that are achieved by selling to a large market.

What is an infant industry