International Economics
Study Guide
 
Final exam
 Concepts you should be able to explain for the exam:
 
Comparative advantage
 
Tariffs
 
Quotas
 
Social trade restrictions
 
Regional trade agreements
 
NAFTA
 
European Union
 
Common currency
 
Balance of payments
 
Foreign exchange market
 
Exchange rates
 
Currency speculation
 
Things you should be able to do for the exam.
 
Explain why nations restrict trade and what are the different strategies they can use.
 
Discuss how exchange rates are determined
 
Discuss the differences of the impact of exchange rates on small countries and large countries
 Discuss, in depth, the characteristics of international trade of a particular country .