AFM 131 Final Exam Solved Correctly Graded A.
Free trade - Answer moving goods/services between countries without political or economic obstruction Exporting - Answer selling products to another country Importing - Answer buying products from another country Balance of trade - Answer relationship between exports & imports Trade surplus - Answer favourable balance of trade (exports imports) Trade deficit - Answer unfavourable balance of trade (imports exports) Balance of payments - Answer difference between money coming into a country (from exports) and money leaving the country (for imports), PLUS money flows from tourism, foreign aid, military expenditures and foreign investment Theory of comparative advantage - Answer - Countries export goods/services that they produce most effectively and efficiently - Countries import goods/services that they cannot produce as effectively or efficiently Theory of absolute advantage - Answer monopoly on producing or can produce more efficiently than all other countries Canada Border Services Agency - Answer - Protect Canadian citizens and the economy - Enforcement of goods coming into Canada
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