ECON Ch 38 – Flashcards
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trade deficit refers to
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exports are less than imports
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slopes of the production possibilities curves for 2 nations reflect the
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opportunity costs of production in the 2 nations
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when a nation starts opening up to international trade, it will see falling prices for
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good that it imports
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tax applied to an imported product which is not produced domestically is
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revenue tariff
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import licensing requirement, restrictions about product safety
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nontariff barriers
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puts foreign producers at a comparative disadvantage in selling in domestic markets
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protective tariff
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upper limit on the total amount of a product that it exports to another nation
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voluntary export restriction
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nation imposed a tariff on an imported product then the nation will experience
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decease in total supply and increase in the price of the product
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use of tariffs and quotas for trade protection results in
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less efficiency in the economy
