International trade represents, in most countries, a significant part of ___

If Morocco produces a toy with a cost of 2 euros and a Spanish company needs to incur cost of 5 euros for the same toy ___

We are going to suppose two countries. (Spain and Morocco) and two products (bycycle and computer). Morocco produces both products with less cost, but the difference (relative cost) won't be the same, that is, Morocco has an advantage in both but it's likely that the cost difference in the bibycle is greater since it's less mechanized. Thus, Spanish companies should focus their production on ___

Free trade is usually most strongly supported by the most economically ___ nations

Traditionally, manufacturing sectors in poor or developing countries often support ___ as a means of promoting still incipient or inmature businesses

The regulation of international trade is done through regional agreements such as MERCOSUR in ___

Protectionism contrast with ___

Most economists agree that the benefits of free trade, in form of consumers surplus (higher sales) and increased efficiency mainly due to foreign competition, are greater than job losses in the economy in at least a ___ margin

___ tariffs are rarely implemented

In practice, ___ laws are usually used to impose trade tariffs on foreign exporters

Export subsidies are the ___ export tariffs

A government can intervene in the exchange market to lower the value of its currency. However, such policy will most likely lead to ___ in the country in the long run

The ___ is a type of commercial policy that allows traders to act and trade without government interference

Free trade is, above all, for ___ goods

___ is the first phase of economic integration

In the rules of origin, where there is a requirement for a ___ degree of contributions of local material and local added value transformation for imported goods. Goods that don't meet these requirements aren't authorized by the special treaty provided in the free trade area clauses

___ is the fourth phase of economic integration

An example of ___ is part of the European Union (19 countries)

The Uruguay Round was in the period ___

Decision making at the World Trade Organization is ___

The headquarters of the International Monetary Fund is located in ___

The European Union was established on the foundations of the pre-existing ___

___ acts as the executive arm of the EU

Members of the European Parliament sit ___

The President and Vice-Presidents are elected by the Members of the European Parliament every ___

In addition to its legislative functions, the Council of the European Union also exercises executive functions in relation to the Common and ___ Security Policy

The Balance of Payments collects ___