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- Explain three (3) factors why countries would want to join a Single Currency area.
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- Explain 3 factors why countries would want to join a Single Currency area.The most basic international transaction involves the exchange of tangible goods and services. True or falseWhat was the primary benefit of a single European currency? a elimination of confusion for travelers b ease of purchasing industrial goods between nations c elimination of exchange-rate risk and currency conversion costs within the European Union d cooperation on policies concerning education, the environment, and social policies The World Trade Organization has several main goals. Which of the following is NOT one of those goals? a lowering tariffs that discourage free trade b recognizing protection for patents, copyrights, trademarks and other intellectual properties c providing export insurance for exporters in member countries d eliminating import quotas, subsidies and unfair technical standards that reduce competition Which of the following is an example of countries in West Africa joining together to eliminate tariffs and other trade barriers? a a common market b a free-trade zone c most-favored-nation status d a free-trade agreement What is it called…
- Foreign trade -allows a country to avoid trade-offs - increases the scarcity of resources - allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home - makes the members of a country more equalDiscuss several economic events that would increase a country’s willingness to trade.Analyzing the following (2x2) matrices. Identify the countries having certain advantages. Specify the benefits of trade for both countries. This matrix involves 2 countries exchanging 2 commodities Wheat (Labor hours/Unit of Output ) Steel (Labor hours/Unit of Output) Germany 30 40 France 20 80 (Numerical values reflect labor hours per unit of output) Will trade occur? Identify the country having the advantage in wheat production and the one having the advantage in steel production. Identify the production possibility frontiers for both countries. along with the gains from trade.
- A nation is said to have an absolute advantage when the nation can produce more of a certain product in one labor hour than can its trading partner the nation's currency exchange rate is higher than that of its trading partner the nation's level of imports exceeds that of its exports the nation can produce a product with less opportunity cost than its trading partnerGive an example of one argument why a country might not to join a common market.Why have some countries rejected the single currencydespite being full members of the European Union?
