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International EOCT Domain Review
Terms in this set (15)
How is a comparative advantage obtained?
By producing a product with a lower opportunity cost.
Which of the following trade changes produces the greatest increase in GDP?
Increase exports and decrease imports.
Why would a country impose a voluntary export restraint on products?
To reduce the chances that the importing country will set up trade barriers.
How do tariffs work to protect infant industries?
They shield new industries in the early stages of their development from the competition of more mature rivals.
NAFTA sought to diminish all tariffs and other trade barriers between countries; which is a result of this agreement?
An equal number of jobs were created and eliminated.
When a nation imports more than it exports, economists say it has a...
What happens when a nation's currency depreciates?
It's products become cheaper to other nations.
What is a currency system where each country tries to keep the value of it's currency constant against others?
A fixed exchange-rate system
How do countries protect their domestic economy from excessive influence by multinational corporations?
Requiring multinationals to export a percentage.
Suppose the exchange rates from the U.S. to Japan change from $1=100 yen to $1= 110 yen; what happens to the prices of the U.S. goods in Japan?
Which is an advantage of the host country of a multinational corporation?
Greater employment opportunities.
Which are the main U.S. trading partners?
European Union, Canada, Mexico, and Japan.
Specialization in a nation leads to...
The calculating of a country's population growth rate takes in account all but...
Those who marry within a year.
The U.S. placed a limit on the number of cars that can be brought into the country for sale; this is...
An import quota.
This set is often in folders with...
Economy: Chapter 8
Economy: Chapter 9
Economics Unit #7 Lesson #6: Financing Development…
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