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Index

Benelux, 273 Bicycle imports force Schwinn to downshift, 1617 Bid rate, 374 Big Mac index and law of one price, 411412 Bin Laden, Osama, 24 Board, currency, 487488 Boeing, 360 Boeing 787 Dreamliner triggers machinists strike,

outsourcing of, 60 Boeing and Airbus, government subsidies support,

9899 Bonded warehouse, 122 Borrow, General Arrangements to, 525 Borrowing at very low cost, United States, 359360 Borrowing reserves, facilities for, 524526 Boundary, no-trade, 42 Brain drain, 334 Brazil, import-substitution laws backfire on,

256257 Brazilian automobiles, 257 Bretton Woods system of fixed exchange rates,

469471 Budweiser beer, 315316 Buffer stocks, 242243 Burger King, 286 Bush, George W., 78, 106, 217 Business cycles, 357359 Buy American legislation, U.S. fiscal stimulus and,

180 Buy national policies, 179 Buyers, supplying products to foreign, 315318

C

Cage, Nicolas, 400 California Transit Authority, 179 Call option, 380 Canada, NAFTA benefits and costs for Mexico

and, 293294 Candle makers, petition of, 147 Capital, labor and, 1011 Capital and financial account, 347349 Capital controls, 484486 Capital flows, 352353, 355356, 462464 Capitalism, Chinas transformation to, 262266 Capital/labor ratio, 70 Career, foreign exchange trading as a, 399401 Cartel

defined, 245 OPEC as a, 247249 OPEC oil, 245249 Cartel profits, maximizing, 245247 Caterpillar Inc., 136, 285 Catfish, Vietnamese, 175 Cengage.com/economics/Carbaugh, 428 Central American Free Trade Agreement

(CAFTA), and North American Free Trade Agreement (NAFTA), 299 Central banks, 400 Cheap foreign labor, protection against, 142143 Chicago Mercantile Exchange, 378 China, 429

and currency manipulation, 470 imports of textiles from, 205206 and making factories play fair, 264266 Chinas

export boom comes at a cost, 264266 transformation to capitalism, 262266 Chinese market, General Electric and, 327328 Chinese officials, tire tariff ignites, 201 Chrysler, 165 Cigarettes, free trade and, 1920 Clause, social, 248

Clean float, 474 Cline, William, 85 Clinton, Bill, 80 Closed economy, monetary and fiscal policy in, 498500 Coffee farmers fair-trade movement and poor, 244 Nicaraguan, 244 Commercial banks, 400 Commercial Mexicana get burned by speculation, 430 Commodity Credit Corporation (CCC), 219 Commodity prices, falling, 235 Commodity terms of trade, 4445 Common agricultural policy, 283 Common currency, economic costs and benefits of, 286292 Common market, 273 Companies, 400 Comparative advantage, 3436 changing, 4748 dynamic, 9698 empirical evidence on, 5657 extended to products and countries, 5355 external economies of scale and, 89 factor endowments as source of, 6982 government regulatory policies and, 99101 increasing returns to scale and, 8789 and job outsourcing, 5863 law of, 12 principle of, 34 technology as source of, 9396 Comparative advantage, sources of, 69109 dynamic comparative advantage, 9698 external economies of scale and comparative advantage, 89 factor endowments as source of comparative advantage, 6982 government regulatory policies and compara- tive advantage, 99101 government subsidies support Boeing and Airbus, 9899 increasing returns to scale and comparative advantage, 8789 industrial policy, 9698 intra-industry trade, 9093 overlapping demands as basis for trade, 90 product cycle theory, 9396 technology as source of comparative advantage, 9396 trade and the poor, 8287 transportation costs and comparative advantage, 101107 Competition imperfect, 221 in world steel industry, 25 Competition from abroad, increased, 1618 Complete specialization, 41 Compound tariff, 113, 114115 Computer engineers, Indian, 74 Conditionality, 528 Conflict, multinational enterprises (MNEs) as source of, 325331 Conglomerate diversification, 310 Constant opportunity costs, 38 Constant-cost conditions, trading under, 3845 Consumer surplus, 125127 Consumption effects, 130 gains, 41 Contracts forward foreign-exchange, 389391 multilateral, 243244

Controls, direct, 496 Convergence criteria, 281 Cooperative advantage, 3167 Babe Ruth and principle of, 44 changing comparative advantage, 4748 comparative advantage and job outsourcing, 5863 comparative advantage extended to products and countries, 5355 dynamic gains from trade, 4547 empirical evidence on comparative advantage, 5657 exit barriers, 5556 historical development of modern trade theory, 3136 impact of trade on jobs, 5253 production possibilities schedules, 3738 trading under constant-cost conditions, 3845 trading under increasing-cost conditions, 4952 Coppola, Francis Ford, 400 Coppola, Marc, 400 Corporate average fuel economy standards (CAFÉ) standards, 181 Cost conditions. see Constant-cost conditions Cost-based definition, 173 Cost-cutting strategies of manufacturers and currency appreciation, 445447 appreciation of dollar and U.S. manufacturers, 447 appreciation of yen and Japanese manufacturers, 445447 Cost-insurance-freight (CIF) valuation, 114 Costs constant opportunity, 38 Dell sells factories in effort to slash, 1718 equalization of production, 145 increasing opportunity, 49 and prices, 441445 rising energy, 104 transportation, 101107 United States borrowing at very low, 359360 Countries capital flows from developing to industrial, 352353 comparative advantage extended to products and one, 5355 Country risk, 318319, 526 Covered interest arbitrage, 396397 Crawling peg, 479480 Credit risk, 526 Credit transaction, 343 Creditor, net, 364 Cross exchange rate, 377 Crowding and open economy, 501 Crude oil and autos, trade in, 43 Currencies, foreign, 517521 Currency crashes, 481 economic costs and benefits of common, 286292 key, 464 SDRs replacing dollar as worlds reserve, 518519 Currency appreciation, cost-cutting strategies of manufacturers and, 445447 Currency area Europe as suboptimal, 288289 optimum, 287288 Currency crises, 480484 Currency crises, exchange-rate systems and, 461494 capital controls, 484486

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