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ReviewJeopardy

Comparative & Absolute AdvantageExchange RatesTrade Deficits & SurplusesStrong vs. Weak DollarTrade Barriers115151515226262626337333448444South Africa has larger and more easily accessible deposits of gold in its land than the United States. This allows South Africa to mine and sell gold to the world much more cheaply efficiently than the U.S. This is known as this.What isabsolute advantage?TRUE or FALSE: countries expect to be paid for their exports in their own currency.What isTRUE?The 3 main differences in countries that result in comparative advantages.What aredifferences in climate,differences in factors of production,anddifferences in technology?This is the term used to refer to a situation where a countrys exports are GREATER than its imports.What is atrade surplus?This is the group who benefits from a trade deficit.Who areconsumers?This is why lower-income consumers are benefited when a strong dollar causes imports to go up.What isthe lower-priced imports they normally buy get less expensive?This is why the economy overall benefits when a weak dollar causes exports to go up.What ismore exports benefit the economy overall by raising the GDP?This is the term that refers to a tax on imports.What is atariff?TRUE or FALSE: tariffs & quotas usually result in destroying more jobs than they save.What isTRUE?Focusing on producing items that have a lower opportunity cost and trading for the items that have a higher opportunity cost is an example of this.What iscomparative advantage?GOES UP or GOES DOWN: this is what happens to exports from a country when its currency devalues.What isGOES UP?This is the term used to refer to a situation where a countrys exports are LESS than its imports.What is atrade deficit?2 possible answersThis is why the economy overall is harmed when a strong dollar causes imports to go up.What isless exports harm the economy overall by lowering the GDP?This is why investment flows out of the US due to a weak dollar.What isforeign investments will return a larger amount of dollars in the future?This is the term that refers to a limit on the quantity of an import allowed by a country.What is aquota?TRUE or FALSE: tariffs & quotas usually result in higher prices for those products subject to the tariffs & quotas than would otherwise be paid in a free market.What isTRUE?3 possible answersThe 2 groups who might be harmed by a trade deficit.Who arebusinesses that compete with importsandworkers in businesses that compete with imports?GOES UP or GOES DOWN: this is what happens to a countrys GDP when its currency devalues and results in increased exports.What isGOES UP?2 possible answersThis is why investment flows into the US due to a strong dollar.What isUS investments will return a larger amount of the foreign currency in the future?This is the term that refers to a prohibition of trade between two countries normally imposed by one country to put political pressure on the other country.What is anembargo?Two countries that produce essentially the same product but with different levels of quality style and features (and price). Those products are known as this.What aredifferentiated products?FIXED or FLOATING: a country that allows the exchange rate for its currency to go up and down based on the supply of and demand for the currency has this type of exchange rate.What isfloating?This is what happens to a countrys ability to repay debt to a foreign country when its currency devalues.What isthe debt becomes easier to pay off?This is the group who might be harmed by a trade surplus.Who areconsumers?This is why lower-income consumers are harmed when a weak dollar causes imports to go down.What isthe lower-priced imports they normally buy get more expensive?This is the term that refers to when a country voluntarily agrees to limit the quantity of goods it exports to a country in order to avoid even harsher trade restrictions by that country.What is avoluntary export restraint?Jeopardy!Game Show ThemesClassic TV Game Show ThemesShowtunes130042.43, AG# 31BABD30jboardfillOther3709.3938