Afm 131 final exam Study guides, Class notes & Summaries

AFM 131 Final Exam Questions & Answers 2023/2024 Free trade - ANSWER-moving goods/services between countries without political or economic obstruction Exporting - ANSWER-selling products to another country Importing - ANSWER-buying products from another country Balance of trade - ANSWER-relationship between exports & imports Trade surplus - ANSWER-favourable balance of trade (exports > imports) Trade deficit - ANSWER-unfavourable balance of trade (imports > exports) ...

AFM 131 final exam questions & answers 2023/2024 Country A is an extremely efficient producer of tin. However, its climate and terrain makes it difficult to produce corn. According to the theory of comparative advantage, Country A should: A. produce both tin and corn in order to remain self-sufficient. B. watch the global market to see which product brings the highest price. C. import the resources needed to produce corn. D. concentrate its production on tin and buy corn. - ANSWER-D. ...

AFM 131 final exam 2023...

Free trade moving goods/services between countries without political or economic obstruction Exporting selling products to another country Importing buying products from another country Balance of trade relationship between exports & imports Trade surplus favourable balance of trade (exports > imports) Trade deficit unfavourable balance of trade (imports > exports) Balance of payments difference between money coming into a country (from expo...

Free trade - Answer moving goods/services between countries without political or economic obstruction Exporting - Answer selling products to another country Importing - Answer buying products from another country Balance of trade - Answer relationship between exports & imports Trade surplus - Answer favourable balance of trade (exports > imports) Trade deficit - Answer unfavourable balance of trade (imports > exports) Balance of payments - Answer difference ...