Microeconomy

Microeconomy
Provide a brief answer to each of the following weekly questions:

WEEK SIX:

1) What is Balance of Trade?

2) What is Export?

3) What is Import?

4) What is Free Trade?

5) What is Absolute Advantage?

6) What is Comparative Advantage?

7) What are some of the sources of comparative advantage and Absolute Advantage?

8) What is Protectionist Policy?

9) What is Tariff?

10) What is Quota?

11) What are some arguments in favor of Protectionist Policies?

12) What are some arguments for Free Trade?

13) What is an Exchange Rate?

14) How exchange rates are determined?

15) What is Fixed Exchange Rate?
16) What is Floating Exchange Rate?
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