International Economics

the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources

• Absolute Advantage

• Comparative Advantage

• Monopoly

• Governmental Advantage

NOT argument for free trade

• domestic job security

• national economic security

• infant industries

• open competition

NOT an argument for free trade

• improved products

• export industries

• specialization & comparative advantage

• reduced competition

What is ASEAN?

• Amplification of Southern Asian Nations

• Association of Southeast Asian Nations

• Association of Southwestern Authoritarian Nations

• Autonomous Southern Asian Nations

A record of all transactions between the residents of a country and the residents of all other countries, over a period of time.

• balance of payments

• export ledger

• import ledger

• Net Export Account

the difference between a country's total exports and total imports

• Balance of Trade

• Gross Trade Report

• Gross Trade Accounting

• Nominal Trade Account

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

• Absolute Advantage

• Comparative Advantage

• Monopoly

• Governmental Advantages

Which is NOT a benefit of Trade Barriers

• make imports more expensive to buy

• causes higher demand for domestic goods

• protects domestic jobs

• lowers demand for domestic goods

Which is NOT a cost of Trade Barriers

• lower demand for goods

• Increased prices on imports

• fewer product choices & less competition

• increased demand for domestic goods

Coins and paper bills used as money

• currency

• tender

• mediums of exchange

• all of the above