MB200 Study Guide - Quiz Guide: Monopolistic Competition, Pet Food, Demand Curve

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General agreement on tariffs and trade (gatt) international trade accord that substantially reduced worldwide tariffs and other trade barriers. World trade organization (wto) 159-member international institution that monitors gatt agreements and mediates international trade disputes. World bank organization established by industrialized nations to lend money to less-developed countries. International monetary fund (imf) organization created to promote trade, eliminate barriers, and make short- term loans to member nations that are unable to meet their budgets. North american free trade agreement (nafta) agreement among the. United states, canada, and mexico to break down tariffs and trade restrictions. Central america dominican republic free trade agreement (cafta- Dr) agreement among the united states, costa rica, el salvador, guatemala, Honduras, nicaragua, and the dominican republic to reduce tariffs and trade restrictions. Jake has a comparative advantage in sweater-knitting: opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action.

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