Lec 7.2 Flashcards
1
Q
A limit on the number of foreign goods that may come into a given country
A
Quota
2
Q
Gov’t compensates losers during the “adjustment period” after a free trade agreement.
A
Trade Agreement Assistance
3
Q
Shows different production combinations available to society
A
Productions possibilities frontier
4
Q
When a country is not one to trade
A
Autarky
5
Q
One who may produce significantly more in a given amount of time frame
A
Absolute Advantage
6
Q
Lower Opportunity Cost in order to acquire something
A
Comparative Advantage
7
Q
These are a Pareto improvement allocation over Autarky
A
Specialization & Trade
