Absolute/Comparative
If Hart can produce candy in 2 hours and Wade can produce candy in 3 hours who has the absolute advantage?
What is Hart
A tax on goods not produced domestically is called?
What is revenue tariff?
This act gives the President the ability to negotiate tariffs?
What is Reciprocal trade agreement?
When the price of the currency rises, this is called?
What is appreciation?
The 3 accounts that make up the BOP?
What is current, capital and official reserves
What is the main topic that economics studies?
Scarcity
If Hart can produce 3 units of candy and Wade produces 4 units of candy, who has the absolute advantage?
What is Wade
When a country limits imports, this is what type of trade barrier?
What is import quotas
What countries are part of NAFTA?
What is U.S., Canada, and Mexico
With foreign exchange, when is it best to travel to America, when the dollar is ?
What is depreciation?
Which account will be the following: we send aid to Rwanda?
What is Current, Debit
Money used to buy tools, equipment, and factories is referred to as:
Capital
Hart: Candy = 2 hours Popcorn = 4 hours Wade: Candy 3 Hours Popcorn 9 Hours Who should import popcorn?
What is Wade?
What trade barrier is created when the government gives payments to domestic producers to export goods?
What is export subsidies?
Which act created a trade war between nations due to the placement of tariffs?
What is Smoot Hawley Act
How is the FOREX affected, if the U.S. exports apples to Finland?
What is demand for dollars will increase in the forex.
An American buys a Japanese Bond?
What is Capital, debit
What is the natural rate of unemployment?
4-6%
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
Give an example of non tariff barriers?
What is license, quality control, bureacratic red tape
GATT is now called?
What is WTO?
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?
Mars, Inc. buys a plant in South Africa
What is capital, debit
General rise in price level
Inflation
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
A tariff to support domestic producers?
What is protective tariff
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.
When the dollar is appreciating, what will happen to American imports?
What is imports will increase.
Interest earned by an American on a Swiss bond?
What is Current credit
A tool, equipment, or factory used in the method of production