Upsides of Global Trade
What is a potential benefit of global trade?
Allows a country to specialize in what they make, increased market access, greater variety for consumers, etc..
(Mr. Hoyt will decide)
What can a prolonged trade deficit lead to?
Government debt
This type of advantage is being able to produce more of a good than any other country.
Absolute Advantage
How do most goods move between countries?
On container ships.
What is the state capitol of California?
Sacramento
What is the primary benefit of global trade to consumers?
Lower Prices
What kind of unemployment can be caused by the displacement of workers due to trade?
Structural
This type of advantage is being able to produce a good at a cheaper price than another country.
Comparative Advantage
When something is made somewhere else and purchased here, what is that called?
An import
What is the chemical symbol for Carbon?
C
Which component of GDP can increase or decrease depending on the value of exports and imports?
Net Exports (NX)
Government Debt can be reduced by what type of fiscal policy?
Contractionary
If a country can produce cotton t-shirts for half the price of another country, what type of advantage does it have?
Comparative
Does the USA have a trade surplus or a trade deficit?
Trade deficit
Who is the all time leader in nfl receiving yards?
Jerry Rice
How does global trade help a country reach efficiency?
By using all resources available to make a product at the most competitive price.
Answers will vary, Mr. Hoyt will decide
If a country produces the most cotton t-shirts of any country on Earth, what type of advantage does it have?
Absolute
What is the most common way for goods to move around the United States?
On semi-trucks
What plant family do raspberries belong to?
The rose family
All in all, is global trade more of a positive or a negative? Give an argument for either.
What is a trade sanction?
When one or more countries refuse to trade with another as a form of punishment.
Which type of advantage is more common?
Comparative
How many shirts can a modern shipping container hold?
82,880
What is the constitutional maximum number of years that a US president can serve for?
10 years