ECON REVIEW CH17

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

healthy beverage company makes drinks in the united states with fruit that is grown in several states. it experiences

US employment would increase

how does specialization affect employment patters?

by changing job availability in a country or region

how do trade and specialization affect employment?

by changing the types of jobs that are available

joe works for a large american company. because it is losing business to foreign imports, the company shut down the plant where joe works. no american factories need joe's job skills anymore. what could joe do to adjust to this change in employment trends?

can retrain relocate take a lower paying/less skilled job

what is one measure of a nations human capital?

educational level of the population

germany tries to keep the value of its currency constant against that of France. this means that the two countries practice a

fixed exchange rate system

what happens when a nation's currency depreciates?

its products become cheaper in other countries

trade barrier

keeps a foreign product or service from entering the country

the currency in great britain is the pound. and the price of a particular british car is 12,000 pounds. Suppose is exchange rate is .67 pounds per dollar. what is the price of the british car in the united states?

17,910.00

what is the law of comparative advantage?

a country is better off producing goods and services that it can produce efficiently

the bretton woods conference led directly to which of the following?

a fixed exchange rate system tied to US dollars

import

a good that is brought in from another country for sale

export

a good that is sent to another country for sale

import quota

a limit on the amount of a good allowed to come into a country

trade barrier

a means of preventing a foreign product or service from freely entering a nations territory

voluntary export restraint

a self imposed limitation on the number of products that are shipped to a particular country

tariff

a tax on imported goods

when a nation exports more than it imports, economists say it has

a trade surplus

comparative advantage

ability to produce a product more efficiently than another country

factors of production

all the resources used to make goods and services

what two continents account for almost half of all trade with the united states?

asia and north america

which of the following is the best argument in favor of free trade?

countries with the fewest trade barriers have the highest standard of living

the goal of the european union is to

create a single regional economy among its members

trade war

cutting off all trade with another country

depreciation

decrease in the value of a currency

balance of trade

difference between the value of a nations imports and exports

export

good or service sold to another country

appreciation

increase in the value of currency

infant industry

industry in the early stages of development

when economists say that a currency has become stronger, he or she means that

it can be exchanged for more of a foreign currency

which of the following is an argument in favor of protectionism?

it helps protect jobs

where does the united states stand as a participant in international trade?

it is a major importer and exporter

with a flexible exchange rate system, how is the exchange rate of a currency determined?

it is determined by supply and demand for each currency

import quota

limit the number of certain goods that can enter a country

the use of technology such as computers, telephones, and the internet means that money exchanges and other financial transactions can be

made instantaneously

what is one reason some nations are concerned about multinational corporations?

multinationals can sometimes gain excessive political power

to convert US dollars into another currency

multiply the number of dollars by the number of units of the other currency per dollar

what is a disadvantage of using trade barriers to protect US businesses?

other countries may raise tariffs on US goods

free trade zone

region where a group of countries agrees to reduce or end trade barriers

free trade zone

region without trade barriers

free trade

removal of trade barriers

with a flexible exchange rate system, the exchange rate between two countries is determined by

supply and demand

comparative advantage

the ability to produce a good at a lower opportunity cost than others

absolute advantage

the ability to produce more of a good with a given amount of resources

interdependence

the need that countries share for each other's resources, goods, services, labor, and knowledge

how would prices be affected if the exchange rate between Japan and the United States changed from 100 yen per dollar

the price of american goods would increase in Japan

how would prices be affected if the exchange rate between the united states and japan changed from $1 - 100 yen to $1 - 110 yen

the price of american goods would increase in japan

what is the biggest factor that leads a country to specialize in certain products?

the resources of the nation

protectionism

the use of trade barriers to shield industries from foreign competition

what is the goal of NAFTA?

to eliminate most trade barriers between canada, mexico, and US by 2009

why did protectionists support protective tariffs early in American history?

to protect infant industries

what is the relationship between specialization and trade?

trade allows countries to specialize in some goods and trade for others

a nation that imports more goods and services than it exports is said to have a

trade deficit

a cycle of trade barriers escalating between nations is known as a

trade war

protectionism

use of trade barriers to protect home industries

protectionism

use of trade barriers to protect home industries from foreign competitors

exchange rate

value of a nations currency compared with a foreign currency

balance of payments

value of all money exchanged between a company and the rest of the world

trade surplus

when a nations exports are greater than its imports

trade deficit

when a nations imports are greater than their exports


संबंधित स्टडी सेट्स

Chapter 8: Corporate Strategy: Vertical Integration & Diversification

View Set

CHapter 51: Medical Surgical Nursing

View Set

Combo with Business Law Chpt 21 Performance and Breach of Lease and Contract and 3 others

View Set