Economics (McConnell), AP* Edition, 20th Edition

LO 38.1

List and discuss several key facts about international trade.

LO 38.2

Define comparative advantage, and demonstrate how specialization and trade add to a nation's output.

LO 38.3

Describe how differences between world prices and domestic prices prompt exports and imports.

LO 38.4

Analyze the economic effects of tariffs and quotas.

LO 38.5

Analyze the validity of the most frequently presented arguments for protectionism.

LO 38.6

Identify and explain the objectives of GATT, WTO, EU, eurozone, and NAFTA, and discuss offshoring and trade adjustment assistance.