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Chapter 1
US in Global Econ
14
Economics
1st Grade
10/05/2014

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Cards

Term
Index of openness = ?
Definition
(Imports + Exports)/GDP
Term
The openness index does not tell us about...?
Definition
A country's trade policies or trade barriers.
Term
The openness index measures...?
Definition
The relative importance of international trade in a nation's economy.
Term
Shallow integration
Definition
Reduction or elimination of tariffs, quotas, and other barriers to trade in goods at the border, such as trade-limiting customs procedures.
Term
Deep integration
Definition
Economic integration that goes well beyond removal of formal barriers to trade and includes various ways of reducing the intentional burden of differing national regulations, such as mutual recognition and harmonization.
Term
RTA
Definition
Agreements between groups of nations. Includes free-trade agreements and other forms of preferential trade.
Term
Examples of RTA's
Definition
NAFTA
EU
MERCOSUR
APEC
TPP
Term
FDI
Definition
The purchase of future physical assets such as real estate or business by a foreign company or individual.
Term
Outward FDI
Definition
Citizens or businesses in the home country purchase assets in a foreign country.
Term
Inward FDI
Definition
Foreigners purchase assets in the home country.
Term
How does FDI now compare to FDI from 100 yrs ago?
Definition
The absolute volume of capital flows has increased dramatically. As a share of the world GDP it is probably no more than it was before, may be less.
Term
Two goods most protected in higher income/developed nations?
Definition
Agricultural products
Textiles
Term
Determinant of amount of investment in a country depends heavily upon...?
Definition
Savings
Term
3 features of contemporary economic relations
Definition
Integration
Multilateral organizations
Regional trade agreements
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