Afm 131 final exam 2023 Study guides, Class notes & Summaries
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AFM 131 final exam 2023
- Exam (elaborations) • 4 pages • 2023
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AFM 131 final exam 2023...
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AFM 131 Final Exam 2023 with 100% correct answers to pass!
- Exam (elaborations) • 30 pages • 2023
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Free trade 
moving goods/services between countries without political or economic obstruction 
 
 
 
Exporting 
selling products to another country 
 
 
 
Importing 
buying products from another country 
 
 
 
Balance of trade 
relationship between exports & imports 
 
 
 
Trade surplus 
favourable balance of trade (exports > imports) 
 
 
 
Trade deficit 
unfavourable balance of trade (imports > exports) 
 
 
 
Balance of payments 
difference between money coming into a country (from expo...
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AFM 131 Final Exam Questions & Answers 2023/2024
- Exam (elaborations) • 30 pages • 2023
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AFM 131 Final Exam Questions & Answers 2023/2024 
 
 
Free trade - ANSWER-moving goods/services between countries without political or economic obstruction 
 
Exporting - ANSWER-selling products to another country 
 
Importing - ANSWER-buying products from another country 
 
Balance of trade - ANSWER-relationship between exports & imports 
 
Trade surplus - ANSWER-favourable balance of trade (exports > imports) 
 
Trade deficit - ANSWER-unfavourable balance of trade (imports > exports) 
 
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AFM 131 final exam questions & answers 2023/2024
- Exam (elaborations) • 4 pages • 2023
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Available in package deal
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AFM 131 final exam questions & answers 2023/2024 
 
 
Country A is an extremely efficient producer of tin. However, its climate and terrain makes it difficult to produce corn. According to the theory of comparative advantage, Country A should: 
 
A. produce both tin and corn in order to remain self-sufficient. 
B. watch the global market to see which product brings the highest price. 
C. import the resources needed to produce corn. 
D. concentrate its production on tin and buy corn. - ANSWER-D. ...
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