Trade

Question 1

Factor Endowments

Answer 1

The quantities and qualities of resources a country has.

Question 2

Imports

Answer 2

Buying goods and services from another country (a quantity)

Question 3

Import Receipts

Answer 3

The value of the imports (price x quantity)

Question 4

Exports

Answer 4

Selling goods and services to another country.

Question 5

Export Payments

Answer 5

The value of the exports (price x quantity)

Question 6

Quotas

Answer 6

A limit on quantity e.g. a limit on the quantity that can be imported

Question 7

Tariff

Answer 7

A tax on imports

Question 8

Free Trade

Answer 8

Trade between nations that has no barriers to trade.

Question 9

Protectionism

Answer 9

Trade between nations that has barriers to trade - to protect their own economy from cheap imports.

Question 10

Appreciation

Answer 10

A rise in the exchange rate (floating exchange rate)

Question 11

Depreciation

Answer 11

A fall in the exchange rate (floating exchange rate)

Question 12

Types of Exports

Answer 12

Dairy, Meat, Logs, Fruit, Preparations of milk, Cereals, Flour and Starch

Question 13

Export/going to…

Answer 13

China, Australia, USA, Japan, Korea, Singapore and Indoneasia

Question 14

Types of Imports

Answer 14

Petroleum Products, Mechanical Machinery, Vehicle Parts, Electrical Machinery and Textiles

Question 15

Imports/ coming from

Answer 15

China, Australia, USA, Korea, Japan, Singapore, Germany