Chapter 17-- Vocab Quiz

Difference between money paid to, and received from, other nations in trade; balance on current account includes goods and services, merchandise trade balance counts only goods.

A country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost.

A country's ability to produce more of a given product than another country.

System under which the value of currencies were fixed in relation to one another; the exchange rate system is effect until 1971.

None of the above.

Difference between money paid to, and received from, other nations in trade; balance on current account includes goods and services, merchandise trade balance counts only goods.

Person who would protect domestic producers with tariffs, quotas, and other trade barriers.

Limit on the amount of a good that can be allowed into a country.

Balance of payments outcome when spending on imports exceeds revenues received from exports.

None of the above.

Situation occurring when the value of a nation's exports exceeds the value of its imports.

System under which the value of currencies were fixed in relation to one another; the exchange rate system is effect until 1971.

Tax on an imported product designed to protect less efficient domestic producers.

Foreign currencies used by countries to conduct international trade.

None of the above.

System under which the value of currencies were fixed in relation to one another; the exchange rate system is effect until 1971.

Tax placed on an imported product.

Index showing strength of the United States Dollar against a market basket of other foreign currencies.

Country's ability to produce more of a given product than another country.

None of the above.

Argument that new and emerging industries should be protected from foreign competition until they are strong enough to compete.

Tax placed on imported goods to raise revenue.

Situation occurring when the value of a nation's exports exceeds the value of its imports.

Balance of payments outcome when spending on imports exceeds revenues received from exports.

None of these.

Tax placed on imported goods to raise revenue

Balance of payments outcome when spending on imports exceeds revenues received from exports.

Tax placed on an imported product.

System under which the value of currencies were fixed in relation to one another; the exchange rate system is effect until 1971.

None of these.

Country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost.

Person who would protect domestic producers with tariffs, quotas, and other trade barriers.

Tax placed on an imported product

Index showing strength of the United States Dollar against a market basket of other foreign currencies.

None of these.

Tax on an imported product designed to protect less efficient domestic producers.

Balance of payments outcome when spending on imports exceeds revenues received from exports.

Difference between money paid to, and received from, other nations in trade; balance on current account includes goods and services, merchandise trade balance counts only goods.

Country's ability to produce more of a given product than another country.

None of these.

Index showing strength of the United States Dollar against a market basket of other foreign currencies.

Limit on the amount of a good that can be allowed into a country

Tax on an imported product designed to protect less efficient domestic producers.

Difference between money paid to, and received from, other nations in trade; balance on current account includes goods and services, merchandise trade balance counts only goods.

None of these.