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12 ECON Vocab 17 Test

Enter the letter for the matching Definition
incorrect
1.
most favored nation clause
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2.
comparative advantage
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3.
fixed exchange rate
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4.
North American Free Trade Agreement (NAFTA)
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5.
exports
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6.
trade surplus
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7.
World Trade Organization (WTO)
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8.
absolute advantage
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9.
trade-weighted value of the dollar
A.
a nation's ability to produce a given product more efficiently than another nation
B.
trade-weighted value of the dollar - index showing the strength of the dollar against a group of foreign currencies
C.
occurs when the value of exports exceeds the value of imports
D.
agreement among Canada, Mexico, and the United States to reduce tariffs
E.
international organization that settles trade disputes and organizes trade negotiations
F.
goods and services produced in one country and shipped to another
G.
ability to produce a product relatively more efficiently or at a lower opportunity cost
H.
provision allowing a country to receive the same tariff reduction that the United States negotiates with a third country
I.
system under which the price of one currency remains unchanged in relation to the value of another currency
Type the Term that corresponds to the displayed Definition.
incorrect
10.
selling products abroad at less than it costs to produce them
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11.
tax on imports designed to protect less efficient domestic industries
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12.
tax placed on imported goods that will generate revenue without prohibiting imports
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13.
limit on the quantity of a product that may be imported
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14.
difference between the money a country pays to and receives from other countries
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15.
people who favor few or no restrictions on trade with other countries
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16.
foreign currency used for international trade
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17.
tax on imports designed to increase their price in the domestic market
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18.
when the value of products imported exceeds the value of products exported

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