Ch 18 AP Macroeconomics Flashcards

9881516822	Equilibrium World Price	The equilibrium world levels of exports and imports when the world is open to trade	0
9881534344	Trade Adjustment Systems Act	US Federal Program to act as a way to reduce the damaging impact of imports felt by certain sectors of the US economy	1
9881549833	Voluntary Export Restriction	A trade barrier by which foreign firms voluntarily limit the amount of exports to a particular country	2
9881554664	Terms of Trade	rate at which units of one product can be exchanged for units of another product	3
9881559448	Business Cycle	Recurring increases and decreases in the level of economic activity over periods of years with a peak, trough, expansion, and recession phase	4
9881569291	Offshoring	Shifting work previously done by American workers to workers located in other nations	5
9881579038	Dumping	Selling of excess goods in a foreign market at a price below cost	6
9881589283	Import Quota	Maximum amount of a commodity that may be imported in any period of time	7
9881592942	Domestic Price	Price that would prevail in a closed economy that does not engage in international trade	8
9881600443	Protective Tariff	Designed to shield domestic producers from foreign competition	9
9881608238	Nontariff Barrier	A licensing requirement that specifies unreasonable standards pertaining to product quality and safety or unnecessary bureaucratic red tape that is used to restrict imports	10
9881623423	Export Supply Curve	Shows the amount producers will export at each world price	11
9881641416	World Trade Organization	Oversees trade agreements and rules on disputes relating to them. Provides forums for further rounds of trade negotiation	12
9881657331	Comparative Advantage	Total output is greatest when each good is produced by the nation that has the lowest domestic opportunity cost for that good	13
9881668468	Tariff	A tax imposed by a nation on imported goods	14
9881686933	World Equilibrium Graph		15