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Related Flashcards
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Cards In This Set
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International markets provide tremendous opportunities for _____
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Growth
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An absolute advantage not based on the availability of ______ resources rarely lasts
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Natural
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______ occurs when a country specializes in products it can supply more efficiently than it can produce other items
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Comparative advantage
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The purchase of goods and services from foreign services is known as _____
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Importing
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The U.S. _____ more than $2.3 trillion in goods and services last year
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Imported
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_______ is the difference in value between a nation’s imports and exports
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Balance of Trade
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The U.S. _____ more than $1.6 trillion in goods and services last year
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Exported
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A country with a trade _____ has a favorable balance of payments
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Surplus
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Railroads, hospitals, and highways are examples of ______
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Infrastructure
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_______ refers to the ratio at which one country’s currency can be converted into another country’s currency
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Exchange Rate
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_____ increases the value of a currency in relation to another currency
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Revaluation
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A tariff is a tax levied by a _____ on goods imported into the country
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Nation
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A _____ is a specific amount of money levied on each unit of a product brought into a country
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Fixed Tariff
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An _______ is based on the value of the item
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Ad Valorem Tariff
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A _____ restricts the number of units of a product that can be imported
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Quota
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