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35 Cards in this Set
- Front
- Back
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In the past two decades, global trade has increased ____?
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135%
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In 2009, the U.S. exported how much worth of goods and services?
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1.554 Trillion
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In 2009, the U.S. imported how much worth of goods and services?
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1.933 Trillion
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The United States imported about $296.4 billion worth of goods and services from where?
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China
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The United States exported about $204.7 billion worth of goods and services to where?
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Canada
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What are the top three countries imported too?
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China, Canada, Mexico
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What are the top three countries exported too?
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Canada, Mexico, China
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The United States imported more or less goods and services from China than the European Union and Canada Combined?
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Less
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How much good and services does the U.S. import from China?
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$296.4 Billion
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How much good and services does the U.S. import from European Union and Canada Combined?
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506.2 Billion
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Name the 5 categories of Goods that the U.S. may import and export...
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1. Industrial supplies
2. consumer goods 3. capital goods 4. autos and parts and engines 5. food/beverages |
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Example of industrial supplies...
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crude oil, natural gas, chemicals, oils and steel
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Example of consumer goods...
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TV's, DVR's, Pharmaceuticals
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Examples of Food/Beverages...
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Fruit and veggies, meat, grains, alcohol..
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What is the largest good imported into the U.S.?
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Crude Oil (Industrial Supplies)
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What are the 5 largest categories of Services exported and imported?
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1. Travel
2. passenger fares 3. Other transportation 4. Royalties and licensing fees 5. Other private services |
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Outsourcing is _______ a service...
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importing
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Trade is zero sum game. TRUE OR FALSE?
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False, it is NOT a zero sum game..
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Where the opportunity cost is lowest
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Comparative Advantage
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Who has an economic interest in restricting trade and why?
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workers and producers
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taxes on imports
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Tariffs
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The two types of tariffs
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Special Tariffs and Ad Valorem Tariffs
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an amount specified..
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Special tariff
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a percentage of the value..
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ad valorem tariff
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a numerical restriction on the quantity of a good that can be imported
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quota
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What is the equation for exchange rate?
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[1/ (whatever the US dollar is)]
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If we are comparing US dollars to the British pound and the demand for the pound increases, what happens to the value to the dollar?
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it decreases
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If we are comparing the US dollar to the British pound and the demand for the pound decreases, what happens to the value of the dollar?
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it increases
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If it takes less dollars to buy the same quantity of goods in pounds, what has happened to the pound?
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Weakened
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What do we call it when a currency gets weaker?
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depreciated
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What causes the demand for a country's currency to increase or decrease?
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Financial assets
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What do we call it when a currency gets stronger?
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Appreciated
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What are the three things that affect exchange rate?
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income, prices, interest rates
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Two things that Growth in Real GDP and per capita depend on?
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How many are working? and How much output each person is productivity
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4 sources of productivity growth..
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Labor quality
managment capital investment technologies advances |
