Economics (McConnell) AP Edition, 19th EditionChapter 37:
International TradeThe content of this chapter may be included on the AP* Macroeconomics and Microeconomics exam. After reading this chapter, you should be able to: - List and discuss several key facts about international trade.
- Define comparative advantage, and demonstrate how specialization and trade add to a nation's output.
- Describe how differences between world prices and domestic prices prompt exports and imports.
- Analyze the economic effects of tariffs and quotas.
- Analyze the validity of the most frequently presented arguments for protectionism.
- Identify and explain the objectives of GATT, WTO, EU, Euro Zone, and NAFTA, and discuss offshoring and trade adjustment assistance.
AP Chapter 37 Introduction
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