goods and services that a nation sells to other nations
What is exports
100
Why do some people object to international trade?
What is it can displace selected industries and groups of workers
100
system under which the values of currencies are fixed in relation to one another
What is fixed exchange rates
100
When the trade-weighted value of the dollar is strong, the trade deficit...
What is increases
200
People producing the things they do best is possible because of..
What is specialization
200
goods and services that a nation buys from other nations
What is imports
200
In recent years, international trade has..
What is flourished
200
various currencies used to conduct international trade
What is foreign exchange
200
Which is stronger, a weak dollar or a strong dollar?
What is neither
300
What is proof that international trade is beneficial?
What is sheer volume of trade
300
person who wants to protect domestic producers against foreign competition
What is protectionist
300
What piece of legislation liberalized free trade between Canada, the US and Mexico?
What is North American Free Trade Agreement (NAFTA)
300
Balance of payments outcome when spending on imports exceeds revenues received from exports
What is trade deficit
400
If Country A's opportunity cost for producing 1lb of cashews is 5lbs of coffee, and Country B's opportunity cost is 1lb of coffee. Which country has a comparative advantage in cashew production?
What is Country B
400
person who favors fewer or even no trade restrictions
What is free trader
400
The most frequent argument used to support trade barriers is that they...
What is protect domestic industry from foreign industry
400
international agency that settles trade disputes, organizes trade, and provides assistance for developing countries
What is World Trade Organization (WTO)
400
When the dollar is strong, foreign goods become ___ costly and American exports become ___ costly for the rest of the world.
What is less;more
500
The US exports ____ dollars in products each year. (exact amount)
What is $883 billion
500
difference between money paid to, and received from, other nations in trade
What is balance of payments
500
What piece of legislation set important duties so high that prices of many imported goods rose to nearly 70%?
What is Smoot-Hawley Tariff Act
500
Balance of payments outcome when revenues received from exports exceed spending on imports