International Trade

Is the market value of all finished goods and services produced within a country in a year. Can be calculated using production, expeditures or incomes.

• GDP nominal

• Real GDP

• GDP per capita

Real GDP adjusts the numbers by fixing the currency value, thus eliminating any distortion caused by ________ or deflation.

International trade amounts to a sixth of the total economic activity in the world. About $______ of goods and services cross international borders each year.

• 19 billion

• 19 trillion

• 19 million

IPE stands for

• International possesions and economics

• Interdisciplinary political economies

• International political economy

Mercantilism , generally shares with ______ the belief that each state must protect its own interests at the expense of others

• realism

• idealism

• liberalism

Economic liberalism , an alternative approach, generally shares with liberal internationalism a belief in the possibility of cooperation to realize common gains

• True

• False

Liberalism is the dominant approach in

• northern economics

• world economics

• western economics

Mercantilism achieved prominence in

• The 18th century

• The 19th century

• Europe