Flashcards and recall.

Try this with Economics

1. Write one prompt per card. Use definitions, explanations or examples from your current topic.
2. Answer aloud before turning the card. Split a card if it asks for several unrelated facts.
3. Set aside missed cards and revisit them in a later session.

View Economics resources on ATARMAXXING ↗

Recall topics

• What distinguishes trade composition from trade direction?
• Exports are $240b, imports $210b and GDP $1,000b. Calculate trade openness.
• Can a commodity’s export share fall while its export value rises?
• Why does higher nominal export revenue not establish higher export volume?
• How can stronger overseas demand initially affect Australian employment?
• Why can imported machinery improve future production?
• What risk accompanies reliance on one export market?
• Does high trade openness prove a current-account surplus?
• Why distinguish residents from citizens in external accounts?
• What information must accompany a claimed ten-year trade trend?
• What distinguishes absolute from comparative advantage?
• With linear PPFs, A can make 24 grain or 8 machines. What does one machine cost?
• With linear PPFs, B can make 20 grain or 10 machines. What does one grain cost?
• A sacrifices 3 grain per machine and B sacrifices 2. Who has comparative advantage in machines?
• If A’s machine costs 3 grain and B’s costs 2, can trade at 2.5 grain per machine benefit both?
• Why does exchange at exactly one country’s opportunity cost not give both strict gains?
• Can a country with absolute advantage in both goods still gain from trade?
• What assumption permits opportunity cost to be calculated from two intercepts as a constant ratio?
• Why can increasing opportunity costs limit complete specialisation?
• Does comparative advantage guarantee that every worker gains from trade?
• What does a point inside a PPF indicate?
• Can trade alone move current domestic production outside an unchanged PPF?
• World price is $12, domestic demand 90 and domestic supply 55. Find imports.
• What happens to imports if domestic demand rises by 8 and supply rises by 3 at the same world price?
• Why does a small importing country treat world price as given?
• What happens to consumers when free trade lowers the domestic price?
• Why can domestic producers lose from opening to cheaper imports?
• What is consumer surplus?
• Why separate productive efficiency from allocative efficiency?
• How can worker retraining affect the costs of trade adjustment?
• What is trade liberalisation?
• What is trade creation?
• An FTA replaces domestic production costing $80 with partner imports costing $65. Classify the change.
• What is trade diversion?
• Imports switch from a $50 non-member to a $58 member because of tariff preferences. What concern arises?
• Why do FTAs use rules of origin?
• What distinguishes bilateral from multilateral trade negotiations?
• How can an FTA create dynamic gains beyond lower border taxes?
• Why is export growth after an FTA insufficient evidence of its benefit?
• Can compliance requirements reduce an FTA’s practical value?