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Chapter 18: Trading With Other Nations Flashcards | StudBud

Explore/Chapter 18: Trading With Other Nations

Chapter 18: Trading With Other Nations

10 terms·StudBud Administration·35 plays

Final Review of Chapter 18. #economics

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Questions 10

Answers

1
What is absolute advantage?
When one country is better than another country.
When a country can produce more output per unit of input.
When another country is bigger, it has more of an advantage.
When one nation has more goods than the other.
2
Embargo means:
Fancy word for import
Something designed to raise the cost of imported goods.
A complete restriction on the import or export of one good.
Fancy word for Export.
3
What is a Tariff?
The most commonly used barrier to free trade.
Fancy word for Sheriff.
A police officer
A roll of big bills
4
Under a system of flexible exchange rates, supply and demand don't determine currency values.
True
False
5
What does WTO mean?
Where's the onions
Why the omnictionary
World Trade Organization
Where's the others
6
The United States has had a negative balance of trade since the 1970's.
True
False
7
Embargoes are often enacted for political reasons.
True
False
8
What is an Import?
Mail in your mailbox.
Goods sold to other countries.
Goods bought from other countries for domestic use.
Same thing as an export.
9
A nation does not need to have an absolute advantage over another country to trade with them.
False
True
10
What is an Export?
Goods sold to other countires.
A table
A graph
When a boat takes goods to another Nation.