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Economics Chapter 16

TermDefinition
top 5 imports machines, oil, vehicles, electronics, medical
top 5 exports machines, oil, vehicles, electronics, aircraft
2 countries/biggest surplus Brazil, Netherlands
2 countries/biggest deficit China, Japan
3 examples of U.S. imports industrial diamonds, strontium, tin
5 barriers to international trade tariffs, quotas, rigorous health inspections on imported goods, use health services, require licenses to import
6 arguments for protection aiding national defense, promoting infant industries, protecting U.S. jobs, keep money at home, helping balance of payments, national pride
4 arguments for trade better products, allows countries to specialize in comparative advantage, tariffs hurt economy, save money
5 weak dollar gas goes up, imports, foreigners travel to US to buy US goods, expensive travel, expensive foreign cars
3 strong dollar foreign goods cheaper, oil cheaper, travel cheaper
10 Japanese
Created by: kaylaolson
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