Miscellaneous Quiz / International Econ Midterm 1

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Can you name the International Econ Midterm 1?

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umbrella organization. main int'l body through which multilateral trade talks take place.
idea that manufactured goods go through a cycle of R&D followed by complete standardization
most complete form of economic integration, common markets with common currency,
increase in consumption made possible by specialization and trade
occurs when trade policies cause a shift in production from a higher cost producer to a lower cost producer.
a domestic firm purchasing services from abroad
the complete absence of foreign trade: totally self-sufficient national economy
theory states countries will export goods requiring intensive use of relatively abundant factors to produce and import goods requiring relatively scarce factors
when a country has lower opportunity cost of producing a good than its trading partners
elimination or reduction of tariffs, quotas and other border-related barriers
regional trade agreement whose member nations allow the free trade movement of inputs and outputs and share an external tariff toward nonmenbers
curve shows maximum output possible given a supply of inputs
economic or political problems caused by an abundance of one natural resource
demand for a good that is derived from the demand of something else
Bretton Woods institution, provides financial and technichal assitance to developing countries
highest labor productivity. ability to produce more output per worker per hour than trading partner can
a Bretton Woods institution. helps members with balance of payments. advises in int'l financial relations
rate at which one good trades for another in a two-good model. slope of this line is relative price. same as trade line
occurs when trade policies cause a shift in production and imports from a lower cost producer to a higher cost producer.
economic system in which nations promote exports and close off markets to imports
preferential trade agreement permitting free movement of output across borders
amount of output per unit of labor input
value of best foregone alternative to the activity actually chosen
costs and benefits of an activity cancel each other
int'l trade between divisions of the same company located in different companies
purchase of physical assets by a foreign company. can be outward or inward
movement from one point to another along a ppc
same as price line.
agreement for free trade and a common external tariff toward nonmembers
price of a good in terms of another
movement of some or all of a firm's activites to a foreign country
measure of the importance of trade to a nat'l economy. exports plus imports divided by GDP
set of rules of behavior. formal or informal. set limits on social, political and economic interaction
ability to seel a good at the lowest price. can result from high productivity and comparative advantage or of gov't subsidies for inefficient industries
corollary of the H-O theory stating that changes in import or export prices lead to changes in income of factors used intensively in production
when economy has more of a particular factor in relation to some other factor and compared to another economy
economic integration beyond removal of barriers. change in domestic laws and regulations that restrict trade
government programs that offer temporary assistance to workers who lose jobs because of foreign trade or firms moving abroad
agreements between countries, each offering preferential access to its markets.

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