Chapter 16 Review International Trade. Vocabulary Terms  Exports  Imports  Absolute advantage  Comparative advantage  Protective tariff  Revenue.

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Presentation transcript:

Chapter 16 Review International Trade

Vocabulary Terms  Exports  Imports  Absolute advantage  Comparative advantage  Protective tariff  Revenue tariff

Vocabulary Terms  Most favored nation clause  NAFTA  WTO  Free Traders  Quotas  Foreign exchange rate

Vocabulary Terms  Infant Industries Argument  Balance of payments  Fixed exchange rate  Trade deficit  Trade surplus

Concepts  Tariffs and Quotas Different type  What are their function/purpose  Trade Agreements Reciprocal NAFTA  What do they do?  Are they successful?

Concepts  Exchange Rates How are exchange rates determined? Reading an exchange rate table  Determine the value of a dollar against other currencies. How does exchange rates effect the prices of goods and services?

Concepts  WTO What is it? Does it help or hurt world trade?  How?  Why?  Traded Deficits/Surpluses What causes them? How are they remedied?

Concepts  Comparative and Absolute Advantage How are determined? What are the advantages to them? Using a PPC, how would you know what is best fro a particular country? How would Adam Smith resolve this dilemma?

U.S. Imports/Exports by Area Page 443

Gains From Trade Page 444

Exchange Rate Table (May 12, 2006) Page 457

Flexible/Floating Exchange Rates Page 459

International Value of the Dollar Page 460

Essay  Are supply and demand curves useful for determining how a change in monetary policy will impact interest rates in the short run?  Graphs on page 402

Chapter 16-1 Visual Summary Page 463

Chapter 16-2 Visual Summary Page 463

Chapter 16-3 Visual Summary Page 463

Essay  What conclusions can you make from the level of exports and imports of U.S. products during periods of a strong and a weak dollar?

Essay  What are the arguments for and against the use of trade barriers to protect domestic industries? Are arguments valid? Why or why not?

Essay  How does a flexible exchange rate tend to correct trade deficits over time?

Classwork  Chapter 16 Review Page 464 – 465  19,21,24,25,27,30,33,38