The exchange of goods between countries without barriers.
What is free trade?
100
The self-enforcing precursor agreement to the WTO that was established after World War II.
What is the General Agreement on Tariffs and Trade (GATT)?
100
When a large country imposes a tariff, this kind of country is worse off.
What is a foreign country?
100
This percent of people earn 50% of the global income.
What is 10% of the population?
100
The year the current recession started.
What is 2008?
200
The theorist who introduced the idea that countries export the good in which they have a comparative technological advantage.
Who is David Ricardo?
200
The current round of the GATT which began in 1997.
What is the Doha/Millennium Round
200
This loss is incurred on a producer when a government institutes a tariff.
What is the production distortion?
200
One of the first apparel companies to come under fire for exploiting workers in sweatshops.
What is Nike?
200
This financial giant was the first to collapse in 2008 and was ultimately sold to JPMorgan Chase.
What is Bear Stearns?
300
The theory that states that countries will export the good that utilizes their abundant factor intensively in production.
What is the Heckscher-Ohlin model?
300
Some aspects of this are treaty obligation, GATT, GATS, TRIPS and dispute resolution mechanisms.
What is the World Trade Organization?
300
The four tigers of the 1960's who found success due to an outward-looking industrialization based on exports of manufactured goods.
What are Hong Kong, Taiwan, South Korea and Singapore?
300
This alternative to the second-best approach gets to the root of the problem, regardless of political repercussions.
What is optimal intervention?
300
Ben Bernanke took this step of fiscal policy to encourage domestic investment after the collapse of the financial market.
What is lowering the US interest rate?
400
A country will specialize in the good that uses their abundant factor intensively.
What is the Rybczinski Relationship?
400
Developing countries accepted the adoption of this in exchange for developed countries ending the Multi-Fiber Agreement by 2005.
What is Trade-Related Intellectual Property Rights (TRIPS)?
400
TRIPS caused an ethical dilemma surrounding medication for AIDS when this type of country could not afford to buy them or produce them domestically.
What is a developing country?
400
This group at home is not in favor of immigration, while farmers and capital owners benefit from it.
What are domestic workers?
400
This technique of buying government bonds to increase the money supply is currently happening in the US to improve the recession.
What is quantitative easing?
500
A relation between factor prices and goods prices.
What is the Stolper-Samuelson Theorem?
500
This agreement solved the Prisoner's Dilemma of international tariffs.
What is the 1937 US Trade Reciprocity Act?
500
This 2001 international trade provision allowed patented medications to be produced domestically by governments in the case of a health emergency.
What is a compulsory licensing provision?
500
This seemingly simple measure taken by employers in Bangalore on behalf of their employees ultimately improved productivity, despite an initial decrease.
What is employee-based health care?
500
The amount of money that the EU is expected to give Ireland for its bail out.