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Economics > 1143 Definitions > Flashcards

1143 Definitions Flashcards

1
Q

selling a good below cost in a foreign country

A

dumping

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2
Q

free-trade association among nations

A

common market

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3
Q

international organization dedicated to eliminating trade barriers

A

WTO

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4
Q

note replacing national money in EMU nations

A

euro

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5
Q

charged as low a tariff on exports as any other nation

A

most-favored nation

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6
Q

complete restrictions on imports or exports

A

embargoes

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7
Q

limit the quantity of imported goods

A

Quotas

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8
Q

taxes placed on traded goods

A

Tariffs

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9
Q

usually established for political reasons

A

Embargoes

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10
Q

encourages customers to purchase domestic goods

A

nationalistic appeal

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11
Q

WTO

A

World Trade Organization

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12
Q

a European free-trade organization that removed all trade barriers among its member nations in 1992

A

European Union

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13
Q

as long as the relative opportunity costs of producing goods differ among nations, there are political gains from trade, even in one nation has an absolute advantage in the production of everything

A

The principle of comparative advantage

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14
Q

the most common trade restrictions

A

Tariffs

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15
Q

procedural rules that limit imports

A

regulatory trade restrictions

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16
Q

difference between the value of a nation’s imports and the value of its exports

A

balance of trade

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17
Q

imports > exports

A

trade deficit

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18
Q

exports > imports

A

trade surplus

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19
Q

ability to produce goods more inexpensively than other nations

A

competitiveness

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20
Q

growth based on a trade surplus

A

export-led growth

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21
Q

price of one currency in terms of another

A

exchange rate

22
Q

firm with global operations

A

multinational corporation

23
Q

record of all transactions between a nation’s residents and those of all foreign nations

A

balance of payments

24
Q

primary short-run determinant of exchange rates

A

interest rates

25
Q

fixed in relation to the price of a precious metal

A

gold standard

26
Q

based entirely on the currency market

A

flexible exchange rate

27
Q

always established by the government

A

fixed exchange rate

28
Q

sometimes controlled by the government and sometimes allowed to fluctuate

A

partially flexible exchange rate

29
Q

was established by the Bretton Woods system

A

fixed exchange rate

30
Q

the only force used to enforce international rules

A

Moral tradition

31
Q

is often a major influence on the economy of a small nation

A

global, or multinational, corporation

32
Q

forgoing present consumption to enable future consumption

A

saving

33
Q

business whose primary activities are buying, selling, and holding financial assets

A

financial institution

34
Q

any financial asset that serves the function of money

A

money

35
Q

insurer of bank deposits

A

FDIC

36
Q

bond that involves a high risk

A

junk bond

37
Q

market of declining prices

A

bear market

38
Q

market of rising prices

A

bull market

39
Q

periodic payment made to stockholders

A

dividend

40
Q

increase in the value of a stock

A

capital gain

41
Q

short-term promissory note issued by a large corporation

A

commercial paper

42
Q

government IOU with a maturity of less than one year

A

U.S. Treasury bill

43
Q

less expensive, more risky stock

A

common stock

44
Q

stock that pays a fixed dividend rate

A

preferred stock

45
Q

root of all evil

A

love of money

46
Q

issues money in the U.S.

A

Federal Reserve Bank

47
Q

the broadest definition of money and includes all short-term financial assets

A

L

48
Q

the narrowest definition of money and includes only traveler’s checks, cash, and checking account balances

A

M1

49
Q

A credit card is an ______ to the bank that issues it, but is a __________ to its holder.

A

asset

liability

50
Q

hold checking and savings account deposits and include banks, credit unions, and S&Ls

A

Depository institutions

51
Q

Contractual intermediaries

A

Insurance companies and pension funds

52
Q

have no guaranteed value and no maturity date

A

stock

Economics (12 decks)

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