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BUAD final exam with Answers

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international trade the import and export of goods or services from or to other countries by individuals, firms, or governments imports goods or services that are purchased from abroad exports goods or services that are sold to citizens abroad free trade regime a system in which imports and exports of goods or services take place voluntarily, without government restrictions and based on a principle of free markets by providing... a greater amount of choice in the availability of goods and services, lower prices for goods and services consumed, higher living standards how does international trade benefit consumers? domestic firms can import raw materials and final goods as well as use services from abroad, which also allowed an increase in choices that domestic consumers have when a country opens up to international trade, what results? it enhances consumer satisfaction and welfare what results from an increase in choices for the domestic consumer? level of competition because of imports, the ... in the domestic market increase since the level of competition rises, this helps keep a lid on price increases, and it leads to better quality products how do imports benefit consumers? increase production overseas generates new jobs as well as higher wages at home how does international trade raise people's living standards absolute advantage the ability of one country to produce a good or service more efficiently than another comparative advantage the ability of one country that has an absolute advantage in the production of two or more goods (or services) to produce one of them relatively more efficiently than the other foreign direct investment an overseas investment in plant and equipment to produce goods or services for local consumption or for exports protection the government practice of imposing trade barriers to shield domestic producers from international competition negative effects protectionist policies in developed countries have severe ... on developing countries' production, employment, and economic growth tariffs taxes on imports the consumer who bears the cost of tariffs? quantitative restrictions quotas that limit the amount of imports that can come into a country a high cost for the domestic consumer and profits for the domestic producers and importers what do quotas result in? voluntary restraints self-imposed export quotas on specific sensitive products to a specific country or countries for a set period of time counter trade a barter system of exchange in which trade between specific countries is conducted without the use of monetary transactions embargoes trade sanctions that are imposed on a country and that restrict trade with that country

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Uploaded on: October 24, 2024
Number of pages: 7
Written in: 2024/2025
Type: Exam (elaborations)
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buad final exam with answers

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BUAD final exam ii ii

internationaliitrade

theiiimportiiandiiexportiiofiigoodsiioriiservicesiifromiioriitoiiotheriicountriesiibyiiindividuals,iifirms,iioriigov
ernments
imports goodsiioriiservicesiithatiiareiipurchasediifromiiabroad
exportsgoodsiioriiservicesiithatiiareiisoldiitoiicitizensiiabroad
freeiitradeiiregime

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mentiirestrictionsiiandiibasediioniiaiiprincipleiiofiifreeiimarkets
byiiproviding...iiaiigreateriiamountiiofiichoiceiiiniitheiiavailabilityiiofiigoodsiiandiiservices,iiloweriipricesiif
oriigoodsiiandiiservicesiiconsumed,iihigheriilivingiistandards
howiidoesiiinternationaliitradeiibenefitiiconsumers?
domesticiifirmsiicaniiimportiirawiimaterialsiiandiifinaliigoodsiiasiiwelliiasiiuseiiservicesiifromiiabroad,iiwhi
chiialsoiiallowediianiiincreaseiiiniichoicesiithatiidomesticiiconsumersiihave
wheniiaiicountryiiopensiiupiitoiiinternationaliitrade,iiwhatiiresults?
itiienhancesiiconsumeriisatisfactioniiandiiwelfare
whatiiresultsiifromiianiiincreaseiiiniichoicesiiforiitheiidomesticiiconsumer?
leveliiofiicompetition becauseiiofiiimports,iitheii...iiiniitheiidomesticiimarketiiincrease
sinceiitheiileveliiofiicompetitioniirises,iithisiihelpsiikeepiiaiilidiioniipriceiiincreases,iiandiiitiileadsiitoiibetteriiq
ualityiiproductshowiidoiiimportsiibenefitiiconsumers?
increaseiiproductioniioverseasiigeneratesiinewiijobsiiasiiwelliiasiihigheriiwagesiiatiihome
howiidoesiiinternationaliitradeiiraiseiipeople'siilivingiistandards
absoluteiiadvantage
theiiabilityiiofiioneiicountryiitoiiproduceiiaiigoodiioriiserviceiimoreiiefficientlyiithaniianother
comparativeiiadvantage

theiiabilityiiofiioneiicountryiithatiihasiianiiabsoluteiiadvantageiiiniitheiiproductioniiofiitwoiioriimoreiigoodsii(
oriiservices)iitoiiproduceiioneiiofiithemiirelativelyiimoreiiefficientlyiithaniitheiiother
foreigniidirectiiinvestment

aniioverseasiiinvestmentiiiniiplantiiandiiequipmentiitoiiproduceiigoodsiioriiservicesiiforiilocaliiconsumptio
niioriiforiiexports
protection

theiigovernmentiipracticeiiofiiimposingiitradeiibarriersiitoiishieldiidomesticiiproducersiifromiiinternationa
liicompetition
negativeiieffects

protectionistiipoliciesiiiniidevelopediicountriesiihaveiisevereii...iioniidevelopingiicountries'iiproduction,iie
mployment,iiandiieconomiciigrowth
tariffs taxesiioniiimports
theiiconsumer whoiibearsiitheiicostiiofiitariffs?

, quantitativeiirestrictions quotasiithatiilimitiitheiiamountiiofiiimportsiithatiicaniicomeiiintoiiaiicountry
aiihighiicostiiforiitheiidomesticiiconsumeriiandiiprofitsiiforiitheiidomesticiiproducersiiandiiimporters
whatiidoiiquotasiiresultiiin?
voluntaryiirestraints self-
imposediiexportiiquotasiioniispecificiisensitiveiiproductsiitoiiaiispecificiicountryiioriicountriesiiforiiaiisetiipe
riodiiofiitime
counteriitrade

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eiiofiimonetaryiitransactions
embargoes
tradeiisanctionsiithatiiareiiimposediioniiaiicountryiiandiithatiirestrictiitradeiiwithiithatiicountry
foreigniiexchangeiimarkets

financialiicentersiiwhereiiaiinetworkiiofiiinternationaliibanksiiandiicurrencyiitradersii(peopleiiwhoiibuy,iise
ll,iioriispeculateiioniicurrencies)iitransactiibusiness
exchangeiirate theiipriceiiofiioneiicurrencyiicomparediitoiithatiiofiianotheriicurrency
floatingiiexchangeiirateiisystem

theiisystemiiiniiwhichiicurrencyiivaluesiiareiideterminediibyiitheiidemandiiforiiandiisupplyiiofiicurrenciesiii
niiaiiforeigniiexchangeiimarket
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aiifloatingiiexchangeiirateiisystemiiiniiwhichiitheiivaluesiiofiisomeiicurrenciesiiareiipartlyiideterminediibyiia
ctiveiigovernmentiiinterventionii(centraliibankiipurchasesiiandiisalesiiofiitheiriiowniicurrencies)
fixediiexchangeiirateiisystem

theiisystemiiiniiwhichiiaiicountryiipegsii(fixes)iiitsiicurrencyiivalueii(formallyiioriideiifacto)iiatiiaiifixediirateii
toiiaiimajoriicurrencyiioriiaiibasketiiofiicurrencies
iniiaiifreeiimarketiisystem,iipriceiiisiideterminediiby.. demandiiandiisupply
NAFTA

aiicomprehensiveiitradeiiagreementiibetweeniicanada,iitheiiunitediistates,iiandiimexicoiithatiidealsiiwithiiis
suesiirangingiifromiiphasediireductioniiofiitradeiibarriersiitoiiprotectioniiofiiworkers'iirightsiiandiitheiienvir
onment
export-importiibusiness aiirelativelyiilow-
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(ofiialliikinds)iiatiicompetitiveiipricesiiforiidomesticiiconsumption
licensing

theiipracticeiiiniiwhichiiaiicompanyiioriiindividualiiprovidesiitheiiforeigniipartneriitheiitechnologyiitoiiman
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franchising

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diiatiitimesiieveniisomeiiseediimoney,iiiniireturniiforiianiiannualiifeeiifromiitheiifranchise

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BUAD final exam with Answers

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