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Chapter 17: International Trade
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imports : goods and services that one country buys from another
exports : goods and services that a nation produces and then sells to other nations
absolute advantage : country's ability to produce more of a given product than can another country
comparative advantage : the ability to produce a product relatively more efficiently, or at a lower opportunity cost
tariff : a tax placed on imports to increase their price in the domestic market
quota : a limit placed on the quantities of a product that can be imported
protective tariff : a tariff high enough to protect less efficient domestic industries
revenue tariff : a tariff high enough to generate revenue for the government without actually prohibiting imports
dumping : selling products abroad at less than it cost to produce them at home
protectionist : person who would protect domestic producers with tariffs, quotas, and other trade barriers
free trader : individual who favors fewer or even no trade restrictions
infant industries argument : argument that new and emerging industries should be protected from foreign competition until they are strong enough to compete
balance of payments : the difference between the money a country pays out to, and receives from, other nations when it engages in international trade
most favored nation clause : a provision allowing a country to receive the same tariff reduction that the United States negotiates with a third country
world trade organization : an international agency that administers precious GATT trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries
north american free trade agreement : an agreement to liberalize free trade by reducing tariffs among three major trading partners: Canada, Mexico, and the United States
foreign exchange : foreign currencies used to facilitate international trade
foreign exchange rate : the price of one country's currency in terms of another country's currency
fixed exchange rates : a system under which the price of one currency is fixed in terms of another so that the rate does not change
flexible exchange rates : forces of supply and demand establish the value of one country's currency in terms of another country's currency
trade deficit : balance of payments outcome when spending on imports exceeds revenues received from exports
trade surplus : situation occurring when the value of a nation's exports exceeds the value of its imports
trade weighted value of the dollar : an index showing the strength of the dollar against a group of foreign currencies
Chapter 17: International Trade
Across:1. | person who would protect domestic producers with tariffs, quotas, and other trade barriers | 4. | country's ability to produce more of a given product than can another country | 8. | individual who favors fewer or even no trade restrictions | 9. | the ability to produce a product relatively more efficiently, or at a lower opportunity cost | 11. | goods and services that one country buys from another | 13. | situation occurring when the value of a nation's exports exceeds the value of its imports | 14. | argument that new and emerging industries should be protected from foreign competition until they are strong enough to compete | 17. | a tax placed on imports to increase their price in the domestic market | 19. | forces of supply and demand establish the value of one country's currency in terms of another country's currency | 20. | a tariff high enough to protect less efficient domestic industries |
| | Down:2. | an agreement to liberalize free trade by reducing tariffs among three major trading partners: Canada, Mexico, and the United States | 3. | a tariff high enough to generate revenue for the government without actually prohibiting imports | 5. | selling products abroad at less than it cost to produce them at home | 6. | a provision allowing a country to receive the same tariff reduction that the United States negotiates with a third country | 7. | an international agency that administers precious GATT trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries | 10. | the price of one country's currency in terms of another country's currency | 12. | foreign currencies used to facilitate international trade | 15. | balance of payments outcome when spending on imports exceeds revenues received from exports | 16. | goods and services that a nation produces and then sells to other nations | 18. | a limit placed on the quantities of a product that can be imported |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Chapter 17: International Trade
Across:1. | person who would protect domestic producers with tariffs, quotas, and other trade barriers | 4. | country's ability to produce more of a given product than can another country | 8. | individual who favors fewer or even no trade restrictions | 9. | the ability to produce a product relatively more efficiently, or at a lower opportunity cost | 11. | goods and services that one country buys from another | 13. | situation occurring when the value of a nation's exports exceeds the value of its imports | 14. | argument that new and emerging industries should be protected from foreign competition until they are strong enough to compete | 17. | a tax placed on imports to increase their price in the domestic market | 19. | forces of supply and demand establish the value of one country's currency in terms of another country's currency | 20. | a tariff high enough to protect less efficient domestic industries |
| | Down:2. | an agreement to liberalize free trade by reducing tariffs among three major trading partners: Canada, Mexico, and the United States | 3. | a tariff high enough to generate revenue for the government without actually prohibiting imports | 5. | selling products abroad at less than it cost to produce them at home | 6. | a provision allowing a country to receive the same tariff reduction that the United States negotiates with a third country | 7. | an international agency that administers precious GATT trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries | 10. | the price of one country's currency in terms of another country's currency | 12. | foreign currencies used to facilitate international trade | 15. | balance of payments outcome when spending on imports exceeds revenues received from exports | 16. | goods and services that a nation produces and then sells to other nations | 18. | a limit placed on the quantities of a product that can be imported |
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© 2013
PuzzleFast.com, Noncommercial Use Only