Lec 7.2 Flashcards Preview

Intro To Microeconomics > Lec 7.2 > Flashcards

Flashcards in Lec 7.2 Deck (7)
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1
Q

A limit on the number of foreign goods that may come into a given country

A

Quota

2
Q

Gov’t compensates losers during the “adjustment period” after a free trade agreement.

A

Trade Agreement Assistance

3
Q

Shows different production combinations available to society

A

Productions possibilities frontier

4
Q

When a country is not one to trade

A

Autarky

5
Q

One who may produce significantly more in a given amount of time frame

A

Absolute Advantage

6
Q

Lower Opportunity Cost in order to acquire something

A

Comparative Advantage

7
Q

These are a Pareto improvement allocation over Autarky

A

Specialization & Trade