| A | B |
|---|
| The NATFA Agreement is an examples of what form of trade. | Free Trade |
| Opens new markets in other countries | Free Trade |
| Raises standar of living in countries | Free Trade |
| Prevents cheap labor issues | Protectionsism |
| Uses trade barriers | Protectionsism |
| Inflations occurs in which phase of the business cycle? | Prosperity |
| Unemployement is at an all time low happens when? | Prosperity |
| CNN reports that profits for Target has dropped this past quarter along with WalMarts which is an indication that the nation is moving to a new phase of the business cycle. | Recession |
| When unemployement affect an entire industry. | Recession |
| Deflation occurs when production remains the same but demand decreases, which phase would deflation be labled in? | Recession |
| To avoid both inflation and deflation the U.S. keeps a certain number of people unemployed, the U.S. is trying to control what? | the Rate of Inflation |
| Hyperinflation occurs in which phase? | Prosperity |
| GDP stands for? | Gross Domestic Product |
| To calculate the GDP the sum of ___ and ___ are computed. | Goods, Services |
| What four main area included in the GDP? | consumer goods and services, businesses goods and services, government goods and services, goods and services sold to other countries |
| When a recession in one industry leads to a recession in other industries. | ripple effect |
| List the three types of trade barriers | tariff, quota, embargo |
| List the two opposing points of view on global competition. | free trade and protectionism |
| To reduce limits on trade more countries are forming __. | trade alliances |
| List three trade alliances. | NAFTA, European Union, ASEAN (Asociation of Southeast Asian Nations) |
| The exchnage rate of the US dollar depends on which factor. | how many other countries want to buy its product. |
| Colombia has the right climate, soil, and environmental conditions for producing coffee. So coffee would be considered Colombia's ____. | Specialization |
| Which types of business is a miner? | Producer of Raw Goods |
| Which types of business is bakery? | Manufacture of goods from raw goods |
| Which types of business is proctor & Gamble? | Manufacture goods from processed goods |
| Which types of business is a paper mill? | Processor of raw goods |
| Which types of business is a dentist? | Provider of service |
| Identify the type of trade associated with the US offering Doctors and Dentist to go to a developing country. | human resources |
| Identify the type of trade associated with the US sending businesses to another country to assist with the development of their transportation system. | Investment |
| Identify the type of trade associated with providing advertisments to visit certain countries. | Tourism |
| Deflation occurs in which phase of the business cycle? | Depression |
