Chapter 11: International Trade of Goods

studied byStudied by 1 person
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 10

11 Terms

1
Specialization
________ and trade allows both countries to move beyond the confines of their production possibilities.
New cards
2
tariff
A(n) ________ is a tax on imported goods or services.
New cards
3
Exports
________: Goods or services produced domestically but sold abroad.
New cards
4
Protectionism
________ is the limiting of free trade between countries by using tariffs, quotas, or other regulations.
New cards
5
Imports of goods
________ and services generate an increase in supply and lower prices for consumers but at the same time cause a decrease in quantity supplied and lower prices for domestic producers.
New cards
6
Imports
________: Goods or services produced abroad but sold domestically.
New cards
7
Trade surplus
________ is when a countrys level of exports exceeds its level it imports.
New cards
8
quota
A(n) ________ is a restriction on the quantity of a good that can be imported into a country.
New cards
9
Rapid increases
________ in technology have decreased the costs of transporting goods and services and have resulted in increased international trade and globalization in the world.
New cards
10
WTO
The ________ acts as the official arbiter of trade disputes between countries and is the negotiator and administrator of WTO trade agreements ratified by its members.
New cards
11
International trade
________ can generate costs for workers and firms who do not have comparative advantage in production.
New cards

Explore top notes

note Note
studied byStudied by 18 people
60 days ago
5.0(1)
note Note
studied byStudied by 125 people
706 days ago
4.5(4)
note Note
studied byStudied by 15 people
789 days ago
5.0(1)
note Note
studied byStudied by 2 people
67 days ago
5.0(1)
note Note
studied byStudied by 40 people
941 days ago
5.0(3)
note Note
studied byStudied by 12 people
661 days ago
5.0(1)
note Note
studied byStudied by 29 people
963 days ago
5.0(1)
note Note
studied byStudied by 505 people
1 hour ago
4.8(5)

Explore top flashcards

flashcards Flashcard (34)
studied byStudied by 10 people
148 days ago
5.0(1)
flashcards Flashcard (80)
studied byStudied by 5 people
483 days ago
5.0(1)
flashcards Flashcard (124)
studied byStudied by 35 people
427 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 8 people
396 days ago
5.0(1)
flashcards Flashcard (59)
studied byStudied by 11 people
774 days ago
5.0(1)
flashcards Flashcard (37)
studied byStudied by 4 people
767 days ago
5.0(1)
flashcards Flashcard (59)
studied byStudied by 4 people
233 days ago
5.0(1)
flashcards Flashcard (94)
studied byStudied by 85 people
14 days ago
5.0(1)
robot