Economics 1143 checkup A

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tariff

A ___________________________forces producers to become more efficient

absolute advantage,production

A nation that can produce a good at a lower cost than another has an __________________________in the ________________________of that good

domestic

A nationalistic appeal encourages consumers to purchase _____________________goods

greatest,least

All nations benefit if each produces and exports goods in which it has the _______________________relative efficiency and imports in which it has the ________________relative efficiency

free

Almost no nation allows completely ___________________trade

increases

Free trade __________________________total output

encourages

Free trade ____________________international competition

everyone

Free trade benefits __________________

peace

Free trade encourages ____________________

comparative advantage,producing,other good

If one nation has a comparative advantage in producing one good then the other nation has a _________________________ __________________________in ____________________the _______________ _________________

income,trade restrictions

International trade decreased during the Great Depression because of decreased _____________________and increased _________________________________

increased

International trade has gradually _________________________since it began

free trade

Most economists favor _________________________

greatest

Nations with the ________________________economies of scale realize more gains

domestic

Restrictions protect _________________workers

domestic

Restrictions protect infant ______________industries

security

Restrictions protect national ________________________

revenue

Restrictions provide increased ______________________

price

Tariffs usually result in a ___________________increase for both domestic and imported goods

World Trade Organization

The ____________________________________________is commonly called the WTO

European Union

The _________________________________is a European free-trade association that removed all trade barriers among its member nations in 1992

comparative advantage

The principle of ______________________________states that as long as the relative opportunity costs of producing goods differ among nations, there are potential gains from trade, even if one nation has an absolute advantage in the production of everything

about the same as

The value of a nation's exports is generally ________________________________the value of its imports

beneficial

Trade restrictions are seldom ____________________

citizens

When there is more competition, _________________________receive the gains

smaller,trade,opportunities,relative gains,nation

When trade occurs between a large and a small nation, the ________________________nation receives more benefit from the trade because _______________________provides more ____________________________and therefore more ____________________ _______________________for that ___________________________

Regulatory trade restrictions

________________________________________are procedural rules that limit imports

Smaller

_____________________________________nations tend to receive a larger percentage of the gains

Embargoes

__________________________are complete restrictions on imports or exports

Tariffs

_______________________are the most common trade restrictions

Embargoes

_______________________are usually established for political reasons

Comparative,absolute

______________________advantage is more common than __________________advantage

Tariffs

_____________________are taxes placed on traded goods

Quotas

_________________limit the quantity of imported goods

most-favored nation

charged as low a tariff on exports as any other nation

common market

free-trade association among nations

WTO

international organization dedicated to eliminating trade barriers

euro

note replacing national money in EMU nations

dumping

selling a good below cost in a foreign country


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