Swalaheen Comparative Advantage and Gains from International Trade
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| Tariff | show 🗑
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| Imports | show 🗑
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| show | Goods and services produced domestically but sold in other countries.
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| Comparative Advantage | show 🗑
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| show | The highest values alternative that must be given up to engage in an activity.
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| show | The ability to produce more of a good or service than competitors when using the same amount of resources.
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| Autarky | show 🗑
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| show | The ratio at which a country can trade its exports for imports from other countries.
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| show | 1) Not all goods and services are traded internationally, 2) prod. of most goods involves increasing opportunity costs, and 3) tastes for products differ.
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| show | 1) Climate and natural resources, 2) Relative abundance of labor and capital, 3)Technology, 4) External Economies.
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| show | Reductions in a firm's costs that result from an increase in the size of an industry.
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| Free Trade | show 🗑
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| T/F: The most common interferences with trade are Tariffs. | show 🗑
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| Quota | show 🗑
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| show | An agreement negotiated between two countries that places a numerical limit on the quantity of a good that can be imported by one country from the other country.
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| show | TRUE.
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| T/F: The US economy would not gain from the elimination of Tariffs and quotas even if other countries did not reduce their tariffs and quotas. | show 🗑
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| World Trade Organization (WTO) | show 🗑
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| Globalization | show 🗑
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| Protectionism | show 🗑
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| Protectionism is usually justified by these arguments. | show 🗑
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| Dumping | show 🗑
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