Scenario
I am on my way to Germany but once I get there I need to stop at the bank for......
What is Currency Exchange
the act of buyers and sellers freely and willingly engaging in market transactions ( mutually beneficial)
What is Voluntary trade
Three trade Barriers
What is Tariff, quota, and embargo
From May 2011 to June 2013, the United Kingdom honored trade restrictions put in place by the European Union (EU) on the country of Syria. These restrictions included a ban on the sale of "arms and related material," such as weapons and ammunition. They also included equipment or software that would help the Syrian government spy on its own people. The UK government warned its citizens that they would need to very careful about what they tried to ship to Syrian consumers.
What is an arms embargo
a legal restriction on trade or other transactions with a certain nation or company
What is an Embargo
the value of each country's' currency relative to each other
What is Exchange rate
In order to protect its steel industry, the European Union limits the amount of steel that members can import each year. What type of barrier to trade is this an example of
What is a Quota?
a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period
What is a quota
Russia and Germany both produce steel and cars. Russia has a comparative advantage in producing steel. Germany has a comparative advantage in producing cars. Russia has an absolute advantage in producing both steel and cars. These are both examples of...
What is Specialization
The value of each country's' currency relative to each other
What is Exchange Rate
Taxes imposed by one country on goods or services imported from another country.
What is A Tariff
If a country bans the sale of weapons to another, which type of trade barrier is described?
What is Embargo
If a citizen of Russia wishes to travel to the United Kingdom for vacation, where should they first visit in order to exchange their Russian rubles for British pounds?
What is a bank?
A Country focusing on producing goods to which they have easy access that are cost effective and efficient
What is Specialization
Money from one country must be converted into the currency to pay for goods or services in that country this is the definition of