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Exam (elaborations)

International Trade Test Questions and Answers

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  • Course
  • International Trade
  • Institution
  • International Trade

International Trade Test Questions and Answers what country have we had the longest embargo against - Answer-cuba what are some problems created by trade barriers - A cost of foreign goods wars economies by making them inefficient and unresponsive free trade zone - Answer-a region where a...

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  • August 14, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • International Trade
  • International Trade
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International Trade Test Questions
and Answers

what country have we had the longest embargo against - Answer-cuba

what are some problems created by trade barriers - Answer-1.raide cost of foreign
goods 2.trade wars 3.hurt economies by making them inefficient and unresponsive

free trade zone - Answer-a region where a group of countries agree to reduce or
eliminate trade barriers

NAFTA - Answer-north American free trade agreement, eliminate trade barriers
between US Canada and Mexico

EU - Answer-European Union, trade organizations made up of European nations

drawback of trade agreements - Answer-,ay lead to job loss because companies will
relocate to the country in which it costs the least to produce their product

exchange rates - Answer-the worth of the countries money in terms of another country

appreciation - Answer-the value of the dollar increases

depreciation - Answer-the value of the dollar decreases

what is the effect on the US when its dollar strengthens - Answer-we can buy foreign
products cheaper, but foreign countries want buy as many of our products

what is the effect on the US when its dollar weakens - Answer-foreign countries will buy
more of our products, but we cant buy as much foreign products
what are the reasons for international trade? - Answer-unequal distribution of resources
and specialization

imports - Answer-good brought into the country

exports - Answer-goods sent to other countries

why do countries specialize in certain products when they trade - Answer-to concentrate
their efforts on producing a few goods and services instead of everything they need

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