International Trade Review

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Across
  1. 3. The European Community (or European Union) collects a VAT, which stands for _______ Added Tax.
  2. 6. A limit based on the quantities that can be imported is a q_______.
  3. 7. China's absolute advantage is c_____.
  4. 8. The key to trade is s_______________.
  5. 11. When a country is able to produce more of a given product than another country, it has an absolute a___________.
  6. 13. The European Community (or European Union) allows its citizens to hold common p__________, vote in European elections and travel anywhere in the EU to work, shop, save and invest.
  7. 14. In the European Community (or European Union), the e_____ replaced individual currencies.
  8. 17. Goods sold from a home country to another outside country are e________.
  9. 18. When you look at the foreign exchange rate, the British "dollar" is known as the British "p______".
  10. 19. When a country spends more on imports than it earns on exports, it has a trade ________.
Down
  1. 1. An order by government prohibiting movement of ships into or out of ports is known as an e_________.
  2. 2. One goal of the GATT was to do away with import q________.
  3. 4. When a country earns more on exports than it spends on imports, it has a trade ________.
  4. 5. GATT stands for General Agreement on _________ and Trade.
  5. 7. According to our notes, Texas specializes in beef and c_________.
  6. 9. Goods purchased from another country and brought into a home country are i________.
  7. 10. NAFTA stands for the North American Free _______ Agreement.
  8. 12. The price of one country's currency described in terms of another country's currency is known as the foreign ___________ rate.
  9. 15. The WTO stands for __________ Trade Organization.
  10. 16. NAFTA consists of the United States, Canada & ________.
  11. 20. A tax placed on imports is known as a t_______.