Chapter 17 International Trade & Semester 1 Review Flashcard

Front

A country's ability to produce a good more efficiently (lower opportunity cost) than other countries can.

Back

Comparative advantage

Front

What does NAFTA stand for?

Back

North American Free Trade Agreement

Front

What does EU stand for?

Back

European Union

Front

What does the WTO stand for?

Back

World Trade Organization

Front

A tax on imported goods, a barrier to trade.

Back

Tariff

Front

An increase in the value of a currency

Back

apprecation

Front

According to the law of comparative advantage, a country should:

Back

Specialize and export goods with the lowest opportunity cost.

Front

United States puts a tax on the import of electronics from China. What does this mean?

Back

a tax on imports = a tariff

Front

The United States usually has a trade ________.

Back

deficit

Front

Tires made in Tennessee factories are used on cars in Europe. What is this called?

Back

export