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28 Cards in this Set
- Front
- Back
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Not like regions or families |
Nation |
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They are sovereign |
Nations |
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No central court can enforce its Wil on them with a global police force |
Sovereign |
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Being blank, Nations can put all sorts of barriers between their residents and the world |
Sovereign |
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Must deal with political reality that others within the same nation can outvote it and can therefore coerce it or tax it |
Region or family |
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Has to compromise with others who have political voice |
Family or region |
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A nation uses blank that are seldom available to a region and never available to a family |
Policy tools |
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A nation can have its |
Own currency Own barriers to trading with foreigners Own government taxing and spending Own laws of citizenship and residency |
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About blank people blank percent of the world's population live outside of the country of their birth |
200 million people 3 percent |
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Large additional tariffs be imposed on imports of tires from China |
Imports of automobile tires |
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Tire consumers in the US are going to pay more for their replacement cars |
Imports of automobile tires |
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The harm domestic consumers from raising tariff is larger than the gains to domestic producers |
Imports of automobile tires |
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Grants with more education and skills, created a new temporary guest worker program |
Immigration |
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Increased requirements for employers to verify the legal status of their employees |
Immigration |
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Allow governments to discriminate against a subgroup of companies |
International markets |
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Concerned with decision making with respect to the use of scarce resources to meet desired economic objectives |
Sovereign nation |
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Problems in immigration |
General losses to the economy Fiscal burden Links to terrorism |
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Advantages of immigration |
1. Firms that employ the immigrants 2. Consumers who buy the products that the immigrants help to produce |
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Disadvantages of immigration |
Workers who compete with the immigrants for jobs |
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Value of a country's currency in terms of some other country's currency |
Exchange rates |
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Government allows small daily changes that result in a low, tightly controlled change over time in exchange rate values |
Crawling peg |
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International organizations |
World trade organizations International monetary fund United nations World bank |
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Land labor and capital are mobile since they could be put to different productive uses within a country |
Factor mobility |
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Own public spending power to tax and power to regulate |
Fiscal policies |
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Control tariffs Reduce imports, immigration and financial flows |
Fiscal policy |
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Subsidies to exports Encouragement of international transactions |
Fiscal policy |
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Control the supply of money |
Central bank Money authority |
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Control over own national money |
Monetary policy |
