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30 Cards in this Set

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what is the capital of Japan?

Tokyo

Tokyo population

9 million

Tokyo population if you include workforce

nearly 40 million

economic size of Japan?

free market economy with free floating currency system

current GDP of Japan

$4.9 trillion

top 3 largest GDPs in the world

1. US


2. China


3. Japan

japan's GDP per capita

$38,500

japan is the _____ richest country in the world

23rd

Leaders of Japan?

1. Prime minister: Shinzo Abe


2. Emperor Akihito



Japan's currency?

Japanese Yen (JPY)

japan is the ___ most populous country

10th

japans population?

127 million

area underneath the demand curve and above the price

consumer surplus

area underneath the price and above the supply curve

producer surplus

a government tax placed on a good/service as it leaves, passes through, or enters into a country

tariff

3 kinds of tariffs

1. export tariff


2. transit tariff


3. import tariff

tax on a product as it leaves the country

export tariff

tax on a product as it passes through

transit tariff

tax on a product as it enters country- most important one

import tariff

3 kinds of import tariffs

1. ad valorem tariff


2. specific tariff


3. compound tariff

tax is a percentage of the stated price

ad valorem tariff

tax is on a per unit basis

specific tariff (actual $ amount)

combination of ad valorem and specific tariff

compound tariff

Nontariff Barriers (4)

1.subsidies


2. quotas


3. tariff quotas


4. voluntary export restrictions

direct assistance to domestic firms (e.g. tax breaks)

subsidies

a limit on the number of units a foreign product entering into a domestic country

quota

a combination of tariff/quota. low tariff on a certain # of foreign units, then a much higher tariff after a threshold

tariff quotas

domestic country "asks" foreign country to limit exports

voluntary export restrictions

any policy or practice that is designed to restrict or diminish international trade

trade barriers

most common way to reduce trade?

tariffs