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CH 6 warm up and video
Terms in this set (16)
the pattern of imports and exports that occurs in the absence of trade barriers
Which of the following best describes free trade?
trade promotion and trade restriction
what two most common methods do governments use to intervene in international trade?
financial assistance intended to assist domestic companies in fending off international competitors
Which one of the following government intervention instruments is considered an instrument of trade promotion and not trade restriction?
Which one of the following refers to a restriction on the amount (measured in units or weight) of a good that can enter or leave a country during a certain period of time?
regulatory controls or bureaucratic rules designed to impair the flow of imports into a country
Which one of the following BEST describes administrative delays?
World Trade Organization (WTO)
Which one of the following organizations was created as a result of the 1986 Uruguay Round of negotiation to implement the GATT agreement?
germany has increased tariffs on import
Which of the following is NOT a factor in how Germany has boosted its exports?
Which of the following is the term that features the unrestricted flow of product, services, and capital across national borders?
unimpeded free trade
According to the video, in reality there is no such thing as
a social market economy
According to the video, the German economic model since the end of WWII is known as
free trade is believed to help increase living standards
Which of the following statements is TRUE of free trade?
all of the answers listed are correct
Which of the following is a form of government intervention in international trade?
they hamper the expansion efforts of foreign firms
Which of the following is TRUE regarding subsidies and financial incentives to domestic firms?
a socialist market economy
According to the video, the Chinese economic model since the 1980s is commonly referred to as _________ with Chinese characteristics
deng xiaoping's reforms
China's tight grip on the economy has been loosening since the 1980s as a result of
they introduced capitalistic characteristics into china's centrally planned policies
Which of the following statement is TRUE regarding Deng Xiaoping's reforms?
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The Kamp family has twins, Rob and Rachel. Both Rob and Rachel graduated from college 2 years ago, and each is now earning $50,000 per year. Rachel works in the retail industry, where the mean salary for executives with less than 5 years’ experience is$35,000 with a standard deviation of $8,000. Rob is an engineer. The mean salary for engineers with less than 5 years’ experience is$60,000 with a standard deviation of $5,000. Compute the z values for both Rob and Rachel and comment on your findings.