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September 19, 2023

International Trade Concepts Questions

Concepts you should be able to explain for the exam:

Comparative advantage

Tariffs

Quotas

Social trade restrictions

Regional trade agreements

NAFTA

European Union

Common currency

Balance of payments

Foreign exchange market

Exchange rates

Currency speculation

Things you should be able to do for the exam.

Explain why nations restrict trade and what are the different strategies they can use.

Discuss how exchange rates are determined

Discuss the differences of the impact of exchange rates on small countries and large countries

Discuss, in depth, the characteristics of international trade of a particular country.

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