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- What are the economic and cultural differences between BRIC countries and the United States?Discuss the importance of terms of trade for countries.Argentina and Brazil can produce cups and plates. Argentina can produce either 30 cups and 0 plates, or 0 cups and 30 plates. Brazil can produce 10 cups and 0 plates, or 0 cups and 20 plates. If they trade, how do they decide which country produces what? Explain.
- What is a free trade zone?Alexandra’s Production Possibilities Schedule Natalia’s Production Possibilities Schedule Number of Scarves Knitted per Hour Number of Sweaters Knitted per Hour Number of Scarves Knitted per Hour Number of Sweaters Knitted per Hour 0 4 0 4 3 3 2 3 6 2 4 2 9 1 6 1 12 0 8 0 If Natalia were to export a good, which one(s) would she export?A country that is spending more than it makes a- unstable b- trade balance c- trade deficit c- trade surplus
- GATT: A. resulted in higher tariffs worldwide B. was designed by the WTO C. is part of the World Bank D. was the precursor of the WTO E. resulted in high oil pricesWhich is a benefit of the Central American Free Trade Zone agreement? It allows all participants to create a region-wide health care system. It links regional power supplies between nations. O It minimizes border conflicts between countries. It creates a unified block to slow down outsourcing from the United States.The gains from trade accruals to: O Developed and developing economies. Emerging economies. Developed economies & emerging economies Developing economies