7 institutions in the EU correct answers European Council
Council of the EU
Court of Justice of the EU
European Commission
European Parliament
Council of Europe
super-democracy correct answers the people decide everything
globalization correct answers the process by which markets are int...
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7 institutions in the EU correct answers European Council
Council of the EU
Court of Justice of the EU
European Commission
European Parliament
Council of Europe
super-democracy correct answers the people decide everything
globalization correct answers the process by which markets are integrated worldwide
mercantilism correct answers countries should encourage exports and discourage imports
zero-sum trade correct answers a gain for one country is a loss for another
positive-sum trade correct answers all countries can mutually benefit from a trade agreement
theory of absolute advantage correct answers countries should specialize in the production of
goods which they produce MOST efficiently and buy the goods which they produce less
efficiently from other countries
free trade correct answers where the government does not attempt to influence trade
Hecksher-Olin Trade theory correct answers emphasizes relationship between proportions in
which factors of production are available internationally and the proportions which they are
needed to produce goods
Ricardo's Trade Theory correct answers explored what would happen if one country had absolute
advantage in producing all goods
Product Lifecycle Theory correct answers new products are created and exported from the
country where they were developed, become more popular, and are produced in other countries,
and then ultimately the product is exported back to the innovating country
New Trade Theory correct answers countries specialize in production and export of specific
products because the world market can only support a limited number of firms ; firms that enter
the market first build an advantage that is hard to challenge
Production Possibility Frontier correct answers All combinations of goods that a country can
produce with its given resources
Division of Labor correct answers the degree to which individuals specialize in certain tasks
9 factors to determine a country's comparative advantage correct answers climate
,natural resources
skills
cheap labor
technology
education
govt. promotion of industry
entrepreneurship
business environment
How does free trade improve economic performance? correct answers It promotes competition
which promotes innovation
Relationship between productivity and standard of living correct answers Higher productivity
leads to higher standard of living
CAGE Framework correct answers Cultural, Administrative, Geographic, Economic dimensions
of a country
egalitarianism correct answers social intolerances for abuses of market and political power
Ways to measure distance besides physical distance correct answers time zones, weather,
topography, within country distance to borders
economic distance correct answers differences that affect cross-border economic activity
domestic margins correct answers the cost of domestic transportation, wholesaling, and retailing
5 applications of CAGE framework correct answers 1) making differences visible
2) understanding the liability of foreignness
3) assessing natural owners and comparing foreign competitors
4) comparing markets
5) discounting by distance
distributional dilemma correct answers no trade policy benefits everyone; each rewards some
groups and harms others
values dilemma correct answers economic changes that enable a nation to secure the benefits of
trade may imply a compromise of other societal values
state goals dilemma correct answers revolves around the tension between trade and the goal of
the state to provide security, independence, and peace
coffee crisis correct answers 2001-2005 when the price of coffee fell below the cost of
production
3 intents of fair trade correct answers 1) move producers to financial security and self-sufficiency
, 2) empower producers to be stakeholders in their organizations
3) play a bigger role in the global arena to gain greater equity in international trade
demand shaping correct answers using promotions to convince customers that they want
something other than what they originally called for because you have run out parts and need to
sell something else from the same product family
Dell Theory of Conflict Prevention correct answers no 2 countries that are part of the same major
global supply chain will ever go to war against each other
silicon shield correct answers computer products are uniting the US with Asian countries for a
common product and are preventing war amongst each other
Global Arches Theory correct answers when a country has a big enough middle class to support
a McDonald's, they have reached a standard of living where they are more concerned about
staying in the global supply chain than fighting against those in it
Silicon Valley Effect correct answers unlikelihood of stimulating creative work that spins off
new businesses because a company doesn't attract young talent due to lack of competitiveness
through offshoring
American competitiveness correct answers the capacity of americans to add value to the world
economy and gain a higher standard of living
7 main instruments of trade policy correct answers 1) tariffs
2) subsidies
3) import quotas
4) voluntary export restraints
5) local content requirements
6) administrative policies
7) antidumping duties
tariff correct answers tax on imports
subsidy correct answers government payment to a domestic producer
specific tariff correct answers fixed charge per unit of imported good
ad valorem tariff correct answers a proportion of the value of an imported good
import quota correct answers restriction on the quantity of a good that may be imported into a
country
voluntary export restraint correct answers quota on trade imposed from the exporting country's
side inside of the importing country's
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