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International Trade Restrictions
Financing International Trade
Exchange Rate
Trade Patterns and Trends
Gains From International Trade
100
A tax on a good that is imposed by the importing country when an imported good crosses its international boundary
What is a tariff
100
By trading with another country, a nation is able to produce at or beyond its _________.
What is production possibilities frontier
100
The fall in the value of one currency in terms of another currency.
What is the currency depreciation
100
Buying a good or service from a lower cost overseas supplier.
What is offshore outsourcing
100
____________ is a record of one country's trade dealings with the rest of the world.
What is the balance of payments
200
A specified maximum amount of a good that may be imported in a given period of time
What is a quota
200
A record of international receipts and payments, or the account balance equals exports minus imports, plus net interest and transfers received from abroad.
What is the current account
200
Consumer taste, relative income, relative inflation, speculation and monetary policy are all factors that may influence the _________.
What is exchange rate
200
If a United States based company produces toys in India, to which countries GDP does the production contribute?
What is India
200
The ability of a person to perform an activity or produce a good or service at a lower opportunity cost than someone else.
What is comparative advantage
300
Lobbying and other political activity that seeks to capture gains from trade.
What is rent seeking
300
Record of foreign investment in the United States minus United State investment abroad.
What is the capital account
300
If the expected future exchange rate rises, then the supply of United States dollars __________.
What is decreases
300
The imposition of a quota ____ foreign production and foreign purchases.
What is decreases
300
What country is the United States' biggest trading partner?
What is Canada
400
Money that a government makes by taxing imports.
What is tariff revenue
400
The argument that protection is necessary for a new industry to grow into a mature industry that can compete in world markets.
What is the infant-industry market
400
The quantity of United States dollars supplied in the foreign exchange market is the amount that traders plan to sell during a given time period at a given exchange rate. The quantity depends in many factors, including:
What is the exchange rate, interest rates in the United States and other countries, the expected future exchange rate
400
APEC and CAFTA are examples of_______.
What are multilateral agreements
400
If the United States can produce 50 acorns or 30 books in an hour and Japan can produce 50 acorns or 35 books in a hour, which country has the comparative advantage in acorn production?
What is the United States
500
If the United States imposes a quota on steel imports, workers in the United States steel industry will be ______ and United States buyers of steel will be ________.
What are winners, losers
500
When a foreign firm sells its exports at a lower price than its cost of production.
What is dumping
500
If the United States interest rate differential decreases, then the supply of United States dollars _________.
What is increases
500
NAFTA stands for _______.
What is the North American Free Trade Agreement.
500
If Russia can produce 5 socks or 3 pencils in an hour and China can produce 4 socks or 4 pencils in a hour, which country has the comparative advantage in pencil production?
What is China