Chapter 17

4. Situation occurring when the value of a nation's exports exceeds the value of its imports.
5. Argument that new and emerging industries should be protected from foreign competition until they are strong enough to compete.
10. People who favor fewer or no trade restrictions.
11. Difference between money paid to and money received from other nations in trade.
13. Tax placed on an imported product.
14. Limit on the amount of a good that is allowed into a country
15. International agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries.
17. The goods and services that a nation produces and then sells to other nations.
18. An international agreement signed in 1947 among 23 countries to extend tariff concessions and reduce import quotas.

1. Balance of payments outcome when spending on imports exceeds revenues received from exports.
2. Country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost.
3. Government order prohibiting the movement of goods to a country.
6. Country's ability to produce a given product more efficiently than can another country.
7. Agreement signed in 1993 to reduce tariffs among the United States, Canada, and Mexico.
8. Foreign currencies used by countries to conduct international trade.
9. People who want to protect domestic producers against foreign competition with tariffs, quotas, and other trade barriers.
12. EXCHANGE RATE Price of one's country's currency in terms of another currency.
16. The goods and services that a nation buys from other nations.