Flashcards in Chapter 10 Deck (15):
The value of goods and services sold abroad
The value of goods and services purchased abroad
Does the United States have low exports compared to total output?
Where does the U.S. export majority of goods?
Canada and Mexico
Primary trading partners of U.S. ?
Canada, mexico, the European Union, the pacific rim countries
Q-1: how has the nature of U.S. imports from China changed in recent years?
The type of goods has changed from low tech to technologically advanced goods
Q-2: will a debtor nation necessarily be running a trade deficit?
No. Debt refers to accumulated past deficits. If a country had accumulated large deficits in the past it could run a surplus now but still be a debtor nation
3 policies used to restrict trade are
1. Tariffs (taxes on internationally traded goods)
2. Quotas (quantity limits placed on imports)
3. Regulatory trade restrictions (government imposed procedural rules that limit imports)
Tax that governments place on internationally traded goods
Another name for tariffs?
What is the most used type of trade restriction?
GATT a regular international conference to reduce trade barriers
General agreement on tariffs and trade
(WTO) world trade organization
An organization who’s functions generally the same as GATT (promote free and fair trade among countries)
Quantity limit placed on imports