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BUAD final exam questions correctly answered graded A+ already passed
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BUAD final exam questions correctly answered graded A+ already passed
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BUAD final examinternational trade - correct answer ✔✔the import and export of goods or services from or to other
countries by individuals, firms, or governments
imports - correct answer ✔✔goods or services that are purchased from abroad
exports - correct answer ✔✔goods or services that are sold to citizens abroad
free trade regime - correct answer ✔✔a system in which imports and exports of goods or services take
place voluntarily, without government restrictions and based on a principle of free markets
by providing... a greater amount of choice in the availability of goods and services, lower prices for goods
and services consumed, higher living standards - correct answer ✔✔how does international trade
benefit consumers?
domestic firms can import raw materials and final goods as well as use services from abroad, which also
allowed an increase in choices that domestic consumers have - correct answer ✔✔when a country
opens up to international trade, what results?
it enhances consumer satisfaction and welfare - correct answer ✔✔what results from an increase in
choices for the domestic consumer?
level of competition - correct answer ✔✔because of imports, the ... in the domestic market increase
since the level of competition rises, this helps keep a lid on price increases, and it leads to better quality
products - correct answer ✔✔how do imports benefit consumers?
increase production overseas generates new jobs as well as higher wages at home - correct answer
✔✔how does international trade raise people's living standards
, absolute advantage - correct answer ✔✔the ability of one country to produce a good or service more
efficiently than another
comparative advantage - correct answer ✔✔the ability of one country that has an absolute advantage in
the production of two or more goods (or services) to produce one of them relatively more efficiently
than the other
foreign direct investment - correct answer ✔✔an overseas investment in plant and equipment to
produce goods or services for local consumption or for exports
protection - correct answer ✔✔the government practice of imposing trade barriers to shield domestic
producers from international competition
negative effects - correct answer ✔✔protectionist policies in developed countries have severe ... on
developing countries' production, employment, and economic growth
tariffs - correct answer ✔✔taxes on imports
the consumer - correct answer ✔✔who bears the cost of tariffs?
quantitative restrictions - correct answer ✔✔quotas that limit the amount of imports that can come into
a country
a high cost for the domestic consumer and profits for the domestic producers and importers - correct
answer ✔✔what do quotas result in?
voluntary restraints - correct answer ✔✔self-imposed export quotas on specific sensitive products to a
specific country or countries for a set period of time
counter trade - correct answer ✔✔a barter system of exchange in which trade between specific
countries is conducted without the use of monetary transactions
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