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...
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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