econ 16 17

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what does it mean when an economist says that an area specializes in producing certain products?

they only make certain products rather then everything they need

suppose the exchange rate between the us and japan change from $1=100 yet to $1 = 110 yen. what would happen to the prices of American goods in japan?

they will increase

how do countries protect their domestic economy from excessive influence by multinational corporations?

by requiring multinational to export a certain percent of its products

what happens when a nation’s currency depreciates?

products become cheaper to other nations

when the exchange rates are allowed to be determined by supply and demand, they are called…?

free market

what is the european union?

regional trade organization of european nations

what is an advantage for the host country of a multinational corporation?

greater employment opportunities

what is th ename of a treaty whose purpose is to eliminate all trade barriers between canada, mexico, and the united states?


ecuador has a comparative advantage in the production of bananas over the US because of this, what can be said about ecuador and the united states?

Ecuador can produce bananas cheaper then the US

according to the law of comparative advantage, a country should?

specialize and export goods with lowest opportunity cost

if a nation has normal trade relation status, then exports from that country…

are taxed at same rate as other nations with same ntr status

you are returning from europe and decide to buy some chocolates in a duty-free shop at london-heathrow airport. What does "duty free" mean?

no import tariffs

the US has placed a limit on the number of cars that can be brought into the country for sale. This is an example of…?

import quota

specialization in a nation leads to..?

international trade

suppose there is a balance of trade in both the US and canada. Then, the US dollar appreciates against the Canadian dollar. what would the likely outcome be?

trade surplus in canada

duty free shops in airports or on international boats sell merchandise that can be brought into the country without what?

import taxes

what economic status can the US grant to countries that allows them to pay the same tariffs as other countries wiht the same status?

most favored nation

US industries like steel, computers, and energy need to be protected from foreign competition to ensure what?

balance of trade

when a nation imports more then it exports, economists say it has what?

trade deficit

what is a currency system in whcih each country tries to keep the value of its currency constant against one another called?

fixed exchange rate system

what does a "most favored nation" status mean?

country pays same tax rate as all others as long as they’re with the same agreement

what is a major disadvantage in the use of import barriers to make domestic goods cheaper?

domestic manufacturers may lose economic incentive to become more efficient

what is an infant industry?

young developing industry

in which customs union did the 12 member nations replace their individual currencies with the Euro in 2002?

european union


sheilds infant industries, fosters competition, and promots industries

the marshall plan…

loaned money to European countries to rebuild after ww2

the largest provider of development assistance is?

world bank

brain drain is..?

where smart people move away

factors such as life expectancy, energy consumption, per capita GDP, literacy rates, and infant mortality rates are used to ..?

measure development of a country

suppose a less developed country is having difficulty making payments on its foreign debts. what option does this nation have?

ask leaders for debt reschedueling in exchange for accepting stabilizations program for international monetary fund

in 1973, members of OPEC reduced oil exports, which mor ethen quadrupled oil prices. What effect did that have on less developed nations?

had to borrow money to buy oil, which incrased debt and made it impossible to repay foreign loans

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