chapter 16 review international trade. vocabulary terms exports imports absolute advantage ...
TRANSCRIPT
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Chapter 16 Review
International Trade
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Vocabulary Terms
Exports Imports Absolute advantage Comparative advantage Protective tariff Revenue tariff
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Vocabulary Terms
Most favored nation clause NAFTA WTO Free Traders Quotas Foreign exchange rate
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Vocabulary Terms
Infant Industries Argument Balance of payments Fixed exchange rate Trade deficit Trade surplus
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Concepts
Tariffs and Quotas Different type
What are their function/purpose
Trade Agreements Reciprocal NAFTA
What do they do? Are they successful?
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Concepts
Exchange Rates How are exchange rates determined? Reading an exchange rate table
Determine the value of a dollar against other currencies.
How does exchange rates effect the prices of goods and services?
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Concepts
WTO What is it? Does it help or hurt world trade?
How? Why?
Traded Deficits/Surpluses What causes them? How are they remedied?
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Concepts
Comparative and Absolute Advantage How are determined? What are the advantages to them? Using a PPC, how would you know what
is best fro a particular country? How would Adam Smith resolve this
dilemma?
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U.S. Imports/Exports by Area
Page 443
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Gains From Trade
Page 444
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Exchange Rate Table (May 12, 2006)
Page 457
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Flexible/Floating Exchange Rates
Page 459
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International Value of the Dollar
Page 460
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Essay
Are supply and demand curves useful for determining how a change in monetary policy will impact interest rates in the short run?
Graphs on page 402
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Chapter 16-1 Visual Summary
Page 463
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Chapter 16-2 Visual Summary
Page 463
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Chapter 16-3 Visual Summary
Page 463
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Essay
What conclusions can you make from the level of exports and imports of U.S. products during periods of a strong and a weak dollar?
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Essay
What are the arguments for and against the use of trade barriers to protect domestic industries? Are arguments valid? Why or why not?
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Essay
How does a flexible exchange rate tend to correct trade deficits over time?
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Classwork
Chapter 16 Review Page 464 – 465
19,21,24,25,27,30,33,38