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Do you know this term?
The reason for trade
Impacts of trade
Hodgepodge
Optional
100
Goods and services sold to other countries.
What are exports?
100
Given the following table, Westland is said to have this.
Product Eastland Westland
Shrimp 10 45
Kiwi 10 15
What is an absolute advantage? Or, What is an absolute advantage in both kiwi and shrimp?
100
If a country is importing goods, the world price is ____________ the autarky price.
What is below or less than?
100
According to this model of trade, a country has a comparative advantage in a good whose production is intensive in the factors that are abundantly available in that country.
What is the Heckscher-Ohlin model of trade?
100
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It is considered deadweight loss.
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What are areas B and D?
200
A numerical restriction put on imports.
What is a quota?
200
Climate, Factor Endowments, and Differences in Technology.
What are sources of comparative advantage?
200
It is the resulting impact on total surplus when an economy opens to world trade.
What is increase?
200
It is the phenomenon of growing economic linkages among countries.
What is globalization?
200
It is the model of international trade that analyzes international trade under the assumption that opportunity costs are constant.
What is the Ricardian model of international trade?
300
It overseas international trade agreements and rules on disputes between countries over those agreements.
What is the World Trade Organization or WTO?
300
A bowed out Production Possibilities Frontier (PPF) has this characteristic of opportunity cost.
What is increasing?
300
The introduction of a tariff will_____________ producer surplus, ____________ consumer surplus, and ____________ total surplus as compared to free trade before the tariff.
What is increase, decrease, decrease?
300
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It is what area 'A' is referred to as.
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What is producer surplus or gain in producer surplus?
300
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It is the country that has the comparative advantage in airplanes.
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What is the U.S.?
400
Although you can produce more, I have the relatively lower opportunity cost.
What is comparative advantage?
400
If in one day Eastland can gather 25 kiwi or catch 50 shrimp and in one day Westland can gather 60 kiwi or catch 20 shrimp. It is the opportunity cost for Westland of gathering 1 kiwi.
What is 1/3 of a shrimp?
400
Due to the implementation of quota, imports will ___________ and government revenue due to this trade restriction will______________.
What is decrease, not change?
Note: quotas do not generate government tax revenue as a tariff does.
400
If in one day Eastland can gather 90 kiwi or catch 30 shrimp and in one day Westland can gather 75 kiwi or catch 25 shrimp. It is the opportunity cost for Eastland of gathering 1 shrimp.
What is 3 kiwi?
400
They are the 3 common arguments for trade protection.
What are national security, job creation, and the infant industry argument?
500
We require a temporary period of trade protection to get established.
What is the infant industry argument?
500
Use the following table of production levels to answer this question:
It is the good in which Eastland has the comparative advantage.
Product Eastland Westland
Shrimp 10 45
Kiwi 10 15
What is Kiwi?
500
Suppose that the U.S. trades peaches with Canada and the U.S. removes the tariff it imposes on peaches from Canada.
Due to this, wages for U.S. peach farm workers will ____________, consumer surplus in the U.S. will ___________, wages for Canadian peach farm workers will ___________, and consumer surplus in Canada will___________.
What is decrease, increase, increase, decrease?
500
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Producer surplus at the world price of Pw equals area(s).
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What is X,Y, and Z?
500
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This graph is used to represent what fallacy about international trade?
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What is the sweatshop labor fallacy?