Economics of Trade

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Can you name the Economics of Trade?

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ClueAnswer
The boundary between combinations of goods and services that can be produced and those that cannot
The opportunity cost of producing ONE more unit
The ability to perform an activity at a lower opportunity cost than anyone else
The ability to be more productive than others
What is achieved when the available resources are used to produce goods and services at the lowest possible cost and in the quantities that give the greatest possible benefit
The highest-valued alternative that must be given up to get something
Technological features that allow average total cost to fall as output increases
Lobbying for special treatment by the government to create profit by diverting gains away from others
ClueAnswer
The sale by a foreign firm of exports at a lower price than the cost of production
Economist who developed the theory of comparative advantage
Economist who argued that the division of labor is limited by the size of the market in The Wealth of Nations
A tax on imports
Agreement that established a free trade bloc encompassing the U.S., Canada and Mexico (1994)
Name for the current round of WTO trade negotiations
Argument that trade restrictions are needed to protect a new industry, enabling it to mature and compete in world markets
Exceptionally high tariff adopted by Congress in 1930

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Created Jan 18, 2012ReportNominate
Tags:economic, trade