Econ Unit 8 International Trade

Front

What formula do you use to change US dollars into foreign currency?

Back

M.O.M.

Front

What formula do you use to change foreign currency into US dollars?

Back

D.A.D.

Front

How does a tariff protect infant industries?

Back

reduces foreign competition by making foreign products more expensive

Front

Which one is NOT a way to restrict international trade? Options: quota, tariff

Back

trade deficits

Front

International trade operates

Back

with a flexible exchange rate system

Front

When a nation can produce MORE of a good than another nation, they have

Back

absolute advantage

Front

Using protective tariffs and quotas is

Back

protectionist policy

Front

Trade restrictions hurt consumers, workers in exporting industries, or both?

Back

both

Front

The balance of trade for the US is currently

Back

we import more than we export

Front

If the US had free trade with all countries, what would happen? Options: there would be fewer jobs in exporting industries, the US government would go bankrupt because of revenue loss, some workers in formerly protected industries would lose their jobs

Back

some workers in formerly protected industries would lose their jobs