Term 4 Exam Flashcards
1
Q
What is absolute advantage?
A
2
Q
What is comparative advantage?
A
3
Q
What is specialisation?
A
4
Q
What is efficiency?
A
5
Q
What are the costs of globalization?
A
6
Q
What are the benefits of globalization?
A
7
Q
What is trade liberalisation? Provide example
A
8
Q
How does factor endowment contribute to globilization?
A
9
Q
What is the law of one price? Provide an example (50 words)
A
10
Q
What are the factors contributing to globilization?
A
11
Q
What are the factors contributing to the growth of multinational companies?
A
12
Q
What would cause the decline of the AUD?
A
13
Q
What is the impact of appreciation of the AUD on exports and imports?
A
14
Q
What is the impact of depreciation on the AUD on exports and imports?
A
15
Q
What are tariffs? How do they protect local producer? Do tariffs increase or decrease with globalization?
A
