Show:
Trade Advantages
Trade Barriers
Trading Blocks
Protectionism Vs.
100
When China can produce 6 shirts, but US can only make 1. China has
What is absolute advantage?
100
The foreign exchange of goods can be restricted by
What are trade barriers?
100
The WTO was founded to ensure compliance with what other agreement?
What is GATT?
100
The use of trade barriers to protect industries from foreign competition
What is protectionism?
200
Kate and Karl both have businesses. Kate can make 8 shirts per hour and 4 bird houses per hour. Who has the absloute advantage in making bird houses?
What is Kate?
200
This is a self-imposed limitation on the number of products that are shipped to a particular country.
What is the voluntary export restraint?
200
What free trade zone is made up of Canada, Mexico, and the U.S.?
What is NAFTA?
200
Protecting jobs, protecting infant industries, and safe guarding national security are the 3 arguments _______.
What is supporting protectionism?
300
If Japan has the comparative advantage in making tea bags over U.S. then Japan has a _____ in making tea bags.
What is lower opportunity costs?
300
If the US limits the annual amount of raw material coming into the country from other nations it is implementing
What is a quota?
300
Which of the following is NOT one of the largest regional trading organizations: APEC, MERCOSUR, OPET, or CARICOM?
What is OPET?
300
What are industries that lack incentives to become more efficient and competitive
What is infant industries?
400
What law says that it is better for a nation to produce goods and services that it has a comparative advantage?
What is the law of comaprative advantage?
400
This is a possible result of implementing trade barriers. IT occurs when the partner country retaliates with their own restrictions.
What is a trade war?
400
European nations set up an organization to coordinate economic and trade policies called
What is the Common Market System?
400
This is the best method to pursue comparative advantage, raise general living standards, and further international peace.
What is Free Trade?
500
The British political economists that argued that the key to determining which country should produce which goods is the country with the lower opportunity cost
Who is David Ricardo?
500
This is when a country completely restricts trading with nation.
What is an embargo?
500
Which free trade zone had the following provisions: trucks are to have free access across borders and throughout the three member countries, tariffs on farm products and on some 10,000 other goods are to be eliminated over 15 years, and automobile tariffs to be phased out over ten years?
What is NAFTA?
500
This is an argument for protectionism that states that industries should require protection from foreign competition because their products are essential to defending the U.S.
What is safeguarding national security?