Chapter 18 Vocab

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Across
  1. 3. largest trade agreement
  2. 6. price of one nation's currency in terms of another nation's currency
  3. 8. people who argue for trade restrictions to protect domestic industries
  4. 9. fall in the price of a currency through the action of supply and demand
  5. 10. forces of supply and demand are allowed to set the price of currencies
  6. 11. agency that offers monetary advice and provides loans to developing countries
  7. 13. designed to reduce tariff barriers between Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, the Dominican Republic, and the US
  8. 18. tax on imports used primarily to raise government revenue without restricting imports
  9. 19. goods bought from other countries for domestic use
  10. 21. concept that a nation should produce and export a limited assortment of goods
  11. 22. raises the cost of imported goods and protects domestic producers
  12. 23. ability of a country to produce a product at a lower opportunity cost than another country
Down
  1. 1. trade agreement designed to reduce and gradually eliminate tariff barriers between Mexico, Canada and the US
  2. 2. system under which a national government sets the value of its currency
  3. 4. complete restriction on the import or export of a particular good to or from a certain country
  4. 5. lowering a currency's value in relation to other currencies
  5. 7. European nations whose goal is to encourage economic integration as a single market
  6. 12. difference between the value of a nation's exports and its imports
  7. 14. goods sold to other countries
  8. 15. restriction imposed on the number of unites of a particular good that can be brought into the country
  9. 16. markets dealing in buying and selling foreign currency for businesses that want to import goods from other countries
  10. 17. tax placed on an imported product
  11. 20. ability of one country to produce more output per unit of input than can another country