BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE
Absolute advantage
Country owned monopoly on recourses.
comparative advantage
Can produce goods cheaper but does not have a monopoly on an item.
Outsourcing
Tasking other countries with our labor because they do it cheaper.
exporting
Sales of goods to foreign markets.
Importing
Receiving of goods from foreign markets.
Balance of trade
the difference between a country's total exports and total imports.
trade deficit
An excess of imports over exports.
Balance of payments
the difference between the flow of money into and out of a country.
infrastructure
the basic physical and organizational structures and facilities (buildings, roads, and
power supplies
import tariff
a tax levied by a nation on goods imported into the country
exchange controls
regulations that restrict the amount of currency that can be bought or sold
Qouta
a limit on the number of products that foreign companies can sell in a country.
Embargo
an official ban on trade or other commercial activity with a particular country.
Dumping
The sale of products at a price less than it costs to produce them.
Cartel
a group of nations agreeing to act as a monopoly and not compete with each other.
GATT
General Agreement on Tariffs and Trade
WTO
World Trade Organization
USMCA
United States-Mexico-Canada Agreement
EU
European Union
APEC
Asia-Pacific Economic Cooperation
ASEAN
Association of Southeast Asian Nations
Absolute advantage
Country owned monopoly on recourses.
comparative advantage
Can produce goods cheaper but does not have a monopoly on an item.
Outsourcing
Tasking other countries with our labor because they do it cheaper.
exporting
Sales of goods to foreign markets.
Importing
Receiving of goods from foreign markets.
Balance of trade
the difference between a country's total exports and total imports.
trade deficit
An excess of imports over exports.
Balance of payments
the difference between the flow of money into and out of a country.
infrastructure
the basic physical and organizational structures and facilities (buildings, roads, and
power supplies
import tariff
a tax levied by a nation on goods imported into the country
exchange controls
regulations that restrict the amount of currency that can be bought or sold
Qouta
a limit on the number of products that foreign companies can sell in a country.
Embargo
an official ban on trade or other commercial activity with a particular country.
Dumping
The sale of products at a price less than it costs to produce them.
Cartel
a group of nations agreeing to act as a monopoly and not compete with each other.
GATT
General Agreement on Tariffs and Trade
WTO
World Trade Organization
USMCA
United States-Mexico-Canada Agreement
EU
European Union
APEC
Asia-Pacific Economic Cooperation
ASEAN
Association of Southeast Asian Nations
