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Trade
Trade Blocs
Protectionism
Exchange Rates
Grab Bag
100
Goods and services which are sold to another country
What is EXPORTS?
100
The trade agreement between Mexico, US, and Canada.
What is NAFTA?
100
A restriction on trade.
What is TRADE BARRIER.
100
When 1Panamanian Balboa always equals 1 US dollar.
What is FIXED EXCHANGE RATE?
100
Goods and services which are bought from another country.
What is IMPORT?
200
When a country can produce more of a good or service than another country.
What is ABSOLUTE ADVANTAGE?
200
The agreement which established a common currency and free trade between countries of Western Europe.
What is EU?
200
A tax on imported goods.
What is TARIFF?
200
This determines floating/fixed exchange rates.
What is SUPPLY AND DEMAND?
200
When a country can produce a good/service at a lower opportunity cost than another country.
What is COMPARATIVE ADVANTAGE?
300
When exports exceed imports.
What is TRADE SURPLUS?
300
This happens to prices of goods when a trade agreement is established.
What is DECREASE?
300
A limit on the amount of imported goods.
What is IMPORT QUOTA?
300
When your dollar will buy you the same amount of money in one country as it does in another.
What is PURCHASING POWER PARITY?
300
This happens to prices when a trade barrier is established.
What is INCREASE?
400
When there is negative balance of trade and one way payments out of a country.
What is CURRENT ACCOUNT DEFICIT?
400
Who does NOT benefit from trade blocs in the US?
What is DOMESTIC PRODUCERS?
400
The new companies protectionist policies seek to protect.
What is INFANT INDUSTRIES?
400
Who in the US benefits from a STRONG DOLLAR?
What is US CONSUMERS?
400
This determines in what good/service a country should specialize.
What is COMPARATIVE ADVANTAGE?
500
The first international trade agreement established after WWII
What is GATT?
500
The trade agreement which includes countries like Cambodia, Laos, Vietnam, Malaysia, etc.
What is ASEAN?
500
Name 3 benefits of protectionism.
What is 1. companies 2. infant industries 3. safety/health 4. borders 5. workers
500
IF 1 USD = 10 Peso and 1 Peso = .10 USD. If an American takes $100 to Mexico, how many pesos will they receive?
What is $1,000 Pesos.
500
The balance of trade which will result from a STRONG DOLLAR.
What is TRADE DEFICIT?