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1 final
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effective exchange rate
the weighted average of the aggregate bilateral exchange rates to better determine a currencies value (big picture) -
draw back to quota licensing
when rent seeking occurs -
voluntary export restraint
when a country gives the authority to implement the quota to the foreign government -
a way governments try to avoid a quota war
voluntary export restraints -
exchange rate regimes (types)
Fixed (or pegged), floating (or flexible), band, managed float -
exchange rate regime
categories to describe the behavior patterns of exchange rates -
national income & products accounts
economic activities measured and recorded as they move through the economy **closed economy -
balance of payments accounts
where a country records flow of payments/economic activity (including cross-border flows) **open economy -
Gross National Expenditure
GNE; total expendenture on all final good/services by home entities -
Gross Domestic Product
GNE; total value of all (intermediate and final) goods/services produced as outpit by firms minus the value of all goods/services purchased as inputs by the firm
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