Without international trade, nations would be limited to goods and services produced ___ their own borders

Comparative advantage can be contrasted with ___ advantage

In the 19th century, especially in the UK, a belief in free trade became paramount. This belief became the dominant thought among the ___ nations ever since

As customs levels ___ there is also a greater facilities for trade

In the current recession there is also discussion about the advantages and disadvantages that membership of the EU has brought us where trade ___ barriers

The ___ is the economic policy of restricting trade among states

Nobel Prize winner in economics and trade theorist Paul Krugman once famously stated that "If there were an Economic Creed, it would surely contain:

The amount of the tariffs ___ the quantity of imported goods

What is the practice of selling imported merchandise at prices below its market value called?

In Andalusia, for many years subsidies have been given to Santana Motor in Linares to maintain the production of ___ vehicles with the excuse of maintain employment

China keeps its currency artificially devalued (the ___) to favor its exports and limit its imports

Subsidies allow more ___, old-fashioned or inefficient agricultural farms to continue operation that would not otherwise be viable

The value of free trade was first observed and documented by Adam Smith. Later ___, demonstrated the benefits of trade via specialization

___ is a customs union with common policies on product regulation, and freedom of movement of production factors (capital and labor) and business

Unlike ___, members of the free trade area don't have the same policies with respect to non-members, meaning different quotas and customs

What countries make up the EFTA?

What countries make up the SACU?

The General Agreement on Tariffs and Trade is of __

Free trade leads to a ___ of income levels between rich and poor countries

The ___ is an international organization that supervises the global financial system following the macroeconomic policies of its member countries, particularly those with an impact on exchange rates and the balance of payments

The European Union was established by the ___ Treaty

The EU enacts legislation in justice and local affairs, including the abolition of passports controls among many member states that are part of the ___ Area

The members of the European Parliament are directly elected by EU citizens every ___ years

The European Parliament also has the power to ___ the budget of the Commision and the EU

The Council of the European Union consist of a government ___ for each member state

The ___ is an accounting document in which all operations derived from the trade of goods and services are recorded, as well as operations derived form capital movements, among some countries and others