Absolute/Comparative
Trade Barriers
Trade Agreements
FOREX
Balance of Payments
Blast from Past
100

If Hart can produce candy in 2 hours and Wade can produce candy in 3 hours who has the absolute advantage?

What is Hart

100

A tax on goods not produced domestically is called?

What is revenue tariff?

100

This act gives the President the ability to negotiate tariffs?

What is Reciprocal trade agreement?

100

When the price of the currency rises, this is called?

What is appreciation?

100

The 3 accounts that make up the BOP?

What is current, capital and official reserves

100

What is the main topic that economics studies?

Scarcity

200

If Hart can produce 3 units of candy and Wade produces 4 units of candy, who has the absolute advantage?

What is Wade

200

When a country limits imports, this is what type of trade barrier?

What is import quotas

200

What countries are part of NAFTA?

What is U.S., Canada, and Mexico

200

With foreign exchange, when is it best to travel to America, when the dollar is ?

What is depreciation?

200

Which account will be the following: we send aid to Rwanda?

What is Current, Debit

200

Money used to buy tools, equipment, and factories is referred to as:

Capital

300

Hart: Candy = 2 hours Popcorn = 4 hours Wade: Candy 3 Hours Popcorn 9 Hours Who should import popcorn?

What is Wade?

300

What trade barrier is created when the government gives payments to domestic producers to export goods?

What is export subsidies?

300

Which act created a trade war between nations due to the placement of tariffs?

What is Smoot Hawley Act

300

How is the FOREX affected, if the U.S. exports apples to Finland?

What is demand for dollars will increase in the forex.

300

An American buys a Japanese Bond?

What is Capital, debit

300

What is the natural rate of unemployment?

4-6%

400

Hart can produce candy in 2 hours and popcorn in 4 hours Wade can produce candy in 3 Hours and popcorn in 9 hours What is the opportunity cost for Wade and Hart for producing candy?

Hart 1/2 popcorn and Wade 1/3 popcorn

400

Give an example of non tariff barriers?

What is license, quality control, bureacratic red tape

400

GATT is now called?

What is WTO?

400

For traveling purposes, when does an American NOT want to travel abroad, in relation to the price of the dollar?

What is depreciation of the dollar?

400

Mars, Inc. buys a plant in South Africa

What is capital, debit

400

General rise in price level

Inflation

500

Norris can produce 10 boots or 30 hats and Adams can produce 20 boots or 40 hats What is the opportunity cost of producing hats for Norris and Adams.

What is 1/3 Boot for Norris and 1/2 Boot for Adams

500

A tariff to support domestic producers?

What is protective tariff

500

What is the most favored nation clause?

What is if you are on the most favored nation, if you can get same trade agreements with negotiation.

500

When the dollar is appreciating, what will happen to American imports?

What is imports will increase.

500

Interest earned by an American on a Swiss bond?

What is Current credit

500

A tool, equipment, or factory used in the method of production 

capital good or physical capital
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