International trade is the exchange of ___ across international borders or territories

___ advantage refers to the capacity of a person or a country to produce a particular good at a lower absolute cost than another

Comparative advantage explains how trade can create value for ___ even when one produces all goods with fewer resources than the other

In the years since ___, controversial and multilateral treaties such as the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (many years later) have attempted to create a globally regulated structure of trade

Traditionally the agricultural interest of poor or developing countries are usually ___ free trade

The regulation of international trade is done through the ___ at the global level

Protectionism is closely aligned with the ___

What is the correct statement?

Tariffs can also be imposed at ___ (for example, China has imposed tariffs on Chinese rice exporters to prevent it from being sold in more attractive or profitable markets)

Dumping would cause ___

Export subsidies are often used by governments to ___ exports

A government can intervene in the exchange market to lower the value of its currency. However, such policy is only effective in the ___ term

An honest economic model would suggest that it would be better ___ its own price levels, and for non-economic agriculture to cease

Countries protect, mainly ___

___ is a common market with a common currency

In free trade areas, to avoid evasion (through re-export) countries use the certification at origin system more commonly called rules of ___

The purposes of establishing a customs union normally include ___ economic efficiency and establishing closer political and cultural ties among member countries

___ is the fifth phase of economic integration

Most of the WTO's objectives derived from planned trade negociations, especially the ___ Round

Consumers in rich countries buy processed products ___

The International Monetary Fund (IMF) is an organization formed to ___ international exchange rates and facilitate development

The European Union was established on November 1, ___

___ EU countries are members of NATO

Members of the European Parliament are electec ___

The ___ of the European Parliament performs the role of spokesperson in Parliament and represents it

The Council of the European Union Meets ___

The registration of operations in the Balance of Payments is carried out by the ___ banks of the different countries

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 ___

While international trade has been present throughout much of history, its economic, social, and political importance has been ___ in recent centuries

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 ___

Traditionally, trade was regulated through ___ treaties between two nations

The most economically powerful nations often engage in selective ___ for those industries that are strategically important, such as the protective tariffs applied to agriculture by the United States and Europe

Agricultural lobbies, particularly in ___, are mainly responsible for particular rules in the main international trade treaties that allow more protectionism measures in agriculture than for other goods and services that don't exist

The regulation of international trade is done through regional agreements such as the North American Free Trade Agreement (NAFTA) between ___

Historically, protectionism was associated with economic theories such as ___

As a general rule, tariffs are taxes on ___ goods

___ are limitations in quantily or units of products that can be imported in a given period (generally one year)

Direct subsidies are in the form of ___

Through export subsidies, exporters are ___ a percentage of the value of their exports

Some of the main critics of the Common Agricultural Policy reject the idea of ___

Free trade allows trading partners mutual gains from trade, with goods and services produced according to the theory of ___ advantage

___ is a trade bloc that gives preferential access to certain productos from participating countries

Indicate which is the correct statement:

In the customs union, the participating countries establish a ___ foreign trade policy, but, in some cases, use different import quotas

___ is the third phase of economic integration

The ___ Organization is an International organization designated by its founders to monitor and liberalize trade

The World Trade Organization is currently trying to persist or develop a trade negociation called the ___ Round

The World Trade Organization (WTO) ___ dominated by a few but large industrial countries that negociate and make decisions behind closed doors

___ became the ninth Executive Director of the IMF on June 7, 2004 and resigned form his post at the end of October 2007

The European Union has a population of almost ___ million

The European Commission is expected to act ___

Indicate which is the correct statement:

The ___ is the main decision-making body of the European Union

The judicial branch of the EU is ___

By definition, the balance of payments always ___

Industrialization, advanced transportation, globalization, multinationals and the purchase of manufactured products in a foreign company to save costs are all having a very important impact on the ___ trading system

The ___ advantage theory explains part of the international trade. However, it doesn't fully explain international trade, since countries with higher costs than Morocco are able to export their products to the Arab countries

For centuries, under the belief in ___, most nations had high tariffs

___ were both advocates of the free trade when they were economically dominant

During recessions there is often strong internal pressure to ___ tariffs to protect domestic industries

The regulation of international trade is done through regional agreements such as the European Union among ___ independent states

The ___ believed that it was beneficial to maintain a positive trade balance and replace imports with products manufactured in the interior of the country

Indicate which is the correct statement:

The economic effect of an import quota is similar to that of ___

Government subsidies are sometimes given to local companies that cannot compete well against foreign ___

A government can intervene in the exchange market to lower the value of its currency by ___ its currency on the exchange market

Free market advocates are among those who disagree with any kind of government intervention because, they say, a free market without interference will alocate resources more ___

The value of free trade was first observed and documented by ___

A preferential trade area (also a preferential trade agreement) is a trade bloc that gives preferential access to certain products from participating countries. This is done to ___ tariffs

___ can be considered the second phase of economic integration

An example of ___ is the EFTA

An example of ___ is MERCOSUR

The World Trade Organization officially began on January 1, __

The Doha Round started in ___

___ Bank is an international financial institution that provides leveraged loans to developing countries for capital programs with the stated goal of reducing poverty

The current executive director of the International Monetary Fund is ___

The EU has developed a common market through a standarized system of laws that are applied in all member states, ensuring the freedom of movement of ___

The European Commission is made up of ___ Commissioners

What body approves European legislation?

The seat of the Council of the European Union is in ___

The ___ Court primarily deals with cases brought by individuals and companies directly before the EU courts

In the Balance of Payments, the sum of all income from the rest of the world is always ___ the total sum of payments made to the rest of the world

The ___ of international trade is crucial for the permanence of globalization

Comparative advantage refers to the ability of a person or a country to produce a particular good at a lower ___ cost than another person or country

For centuries, under the belief in Mercantilism, most nations ___

Today, ___ are the biggest supporters of free trade

During recessions there is often strong internal pressure to increase tariffs to protect domestic industries. This happened around the World during ___ (and now too)

The 2005 ___ Talks on the planned establishment of the Free Trade Area of the Americas (FTAA), in large parte, because of opposition form the population of Latin American nations

___ warned, famously, agains the "self-serving sophistry" of the industry, seeking to gain an advantage at the expense of consumers (in this situation, consumers would pay higher prices for products that can be purchased in other countries at a lower price).

The amount of the tariffs ___ the cost of the importers

Economists often suggest that ___

Government subsidies are to protect ___ jobs

A government can intervene in the exchange market to lower the value of its currency. Doing this ___

Setting artificial prices inevitably leads to distortions in production, with ___ of production being the usual result

Adam Smith's greatest work was ___

___ is a designated group of countries that have agreed to eliminate tariffs, quotas, and preferences on most (if not all) of the goods and services traded among them

An example of ___ is the agreement between the European Union and the group of African, Caribbean and Pacific states (ACP countries) until 2007

EFTA was established in ___

What countries make up MERCOSUR?

The World Trade Organization officially began under the ___ Agreement

The General Agreement on Tariffs and Trade (GATT), was established after the ___

What does it mean that a project loan is leveraged by a specific institution?

To which IMF Executive Director does the initials DSK stand?

In the European Union, a common currency, the euro, has been adopted by ___ member states

The President of the Commission and all other commissioners are nominated by ___

The Lisbon Treaty ___ the power and relevance of the European Parliament

The seat of the Council of the European Union is in Brussels, but it can meet in ___

The Court ___, fundamentally, deals with cases brought by member states, the institutions and cases referred to them by the courts of the member states

The Balance of Payments formula is ___

International trade is a ___ source of economic income for each nation that is considered a world power

___ advantage is the ability to produce a product more efficiently given the other products that could be produced

In the ___ century, especially in the UK, a belief in free trade became paramount

Many countries, (such as ___) are increasiling becoming advocates of free trade as they are becoming more economically powerful themselves

Many economists have tried to blame tariffs as the undelined reason behind the collapse in world trade that many seriously believe deepened the depression in the ___ years

Agreements such as the Multilateral Agreement of ___ (MAI) have also failed in recent years

All economists today agree that ___ is harmful only because its costs are greater that its benefits, and that hinders economic growth

The amount of the tariffs ___ the price of imported goods in local markets

Countries are sometimes accused of using various ___ rules (regarding food safety, environmental standards, electrical safety, etc.) as a way to introduce barriers to imports

Government subsidies are to help local businesses to ___ world markets

A government can intervene in the exchange market to lower the value of its currency, leading to ___ in its trade balance

The creation of "grain mountains" or fully filled silos, where huge reserves of unwanted grain are purchased directly from farmers at prices set by the CAP well ___ the market may be one example

The Wealth of Nations was published in the year ___

___ is a free trade area with a common external tariff

Indicate which is the correct statement:

What does the acronym EFTA mean?

An example of ___ is SACU (Southern African Customs Union)

The World Trade Organization replaces the ___

The ___ was to be a specialized agency of the United Nations and would be dedicated not only to barriers to trade but also to other issues indirectly related to trade, including employment, investment, restrictive business practices, and commodity agreements. But the Organization's treaty was approved neither by the United States nor by a few other signatories and never went into effect

The World Bank is one of the two main institutions created as a result of the Bretton Woods Conference in ___

The European Union (EU) is an economic and political union of ___ member states, located mainly in Europe

A common currency, the euro, has been adopted by nineteen member states constituting the ___

The appointment of the President of the Commission and, also, of the Commission as a whole, has to be confirmed by ___

The ordinary legislative procedure also involves ___ majority voting in the Council of the European Union

The meetings of the Council of the European Union are convened by ___, which sets its agenda

The decisions of the Court of First Instance can be ___ by the Court of Justice but only in a point of the law

The current account balance ___

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