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Chapter 9: International Trade

memorize.ai (lvl 286)

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6 cards

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Section 1

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Greater Than

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Haskell

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Last updated

7 years ago

Date created

Mar 1, 2020

Cards (6)

Section 1

(6 cards)

Greater Than

Front

A country exports a product if the world price is __ the domestic price.

Back

World Price

Front

This is the price of a good that prevails in the world market for that good.

Back

Tariff

Front

This is a tax on goods produced abroad and sold domestically.

Back

Price Takers

Front

These are market participants that cannot influence the price so they view the price as given.

Back

World Price

Front

The international market price of a good or service, determined by world demand and supply

Back

Less Than

Front

A country imports a product if the world price is __ than the domestic price

Back