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(8.) Economics Hl. International Economics, Definitions.

37 Questions  I  By IBLindman
(8.) Economics HL. International economics, definitions.
IB Economics HL. Definitions QUIZ. Section 4. International economics.

  
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1.  Define "free trade" using three words!
2.  The actual number of goods and services in and out of your country is known as a country's ...
A.
B.
C.
D.
3.  Write down the three letters signifying a multinational corporation (that have production in at least two countries)
4.  "(Index of export prices / Index of import prices) * 100 What is being defined?
A.
B.
C.
D.
5.  A country has [...] in producing a good over another, if it has a lower opportunity cost of producing that good.
6.  A country has absolute advantage in producing a good over another if it is able to produce the good using fewer [...]
7.  "When a country imposes trade barriers to protect the incomes of domestic producers" What is specifically being defined above?
A.
B.
C.
D.
8.  Define "tariff" using three words!
9.  A total ban on trade is known as a(n)
A.
B.
C.
D.
10.  A domestic government adjusts exchange rates to obtain unfairly low prices in order to protect domestic producers. This is known as ...
A.
B.
C.
D.
11.  "A physical limit imposed on the amount of a good/service that may be imported" What is being defined?
12.  A government may give producers a payment in order to lower prices for consumers and increase the quantity of domestic goods produced. This payment is known as a ...
13.  "An account of a country's transactions with the rest of the world" What, specifically, is being defined?
A.
B.
C.
14.  An area with no protectionism where goods and services move freely between borders can simply be defined as a "free trade area"
A.
B.
15.  A free trade area where the countries lack sovereignty (there is a government body over all countries involved) is known as a(n) ...
16.  A customs union where the four factors of production can move freely over borders is known as a(n) ...
17.  A common market where member countries have common economic policies and either a fixed exchange rate or a common currency is known as a(n)
18.  "When a trade agreement leads to production being switched from a low-cost producer to a high-cost producer" What is being defined?
A.
B.
C.
D.
19.  The opposite of trade diversion - "when a trade agreement leads to production being switched from a high-cost producer to a low-cost producer" is known as ...
20.  A country's exchange rate is the rate at which the country's currency trades for another on the ...
21.  When the exchange rate is determined solely by market forces (supply and demand), it is said to be ...
22.  "Any fall in the value of a domestic currency" What is being defined?
A.
B.
C.
D.
23.  Write down the term signifying the "guessing" of what exchange rates are going to do
24.  "When a government buys or sells its own currency (by using gold reserves or foreign currency reserves) in order to stabilize the currency" What is this behavior called?
A.
B.
C.
D.
25.  PPP (Purchasing power parity) is a theory that argues that the exchange rate will always adjust itself to equal ...
26.  Any rise in the value of a domestic currency is known as revaluation
A.
B.
27.  A country's external balance is the country's account with the rest of the world and thus simply the country's ...
28.  Write down the two letters signifying a concept from macroeconomics, which makes up a country's internal balance and is determined by a five-letter formula
29.  "An exchange rate system where a currency is fixed to a certain level, but may be lowered (devalued) or highered (revalued)" What is being defined?
A.
B.
C.
30.  As stated before, the "fix" of the fixed exchange rate is changeable. What is then the proper term for this "fix"?
31.  [...] is a way of shifting the aggregate demand curve, changing the total amount spent on imports by altering incomes
A.
B.
C.
D.
32.  Hence write down the "type of protectionism persuading people to switch their spending between foreign and domestic products by changing relative prices"
33.  Any item of economic value owned by a corporation or an individual is known as an ...
34.  For a currency depreciation to have a positive impact on a country's balance of payments, the sum of their price elasticities of exports and imports must ...
A.
B.
C.
D.
35.  Write down the name of the condition stated in the last question
36.  Payments between countries when no goods or services change hands are known as "net income flows"
A.
B.
37.  Net income flows are on the other hand "a measure of the net movement of goods and services moving in and out of a country"
A.
B.
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