International Trade

Front

When determining comparative advantage one must determine

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Opportunity cost

Front

To focus on producing one thing to improve productivity is known as:

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Specialization

Front

A trade agreement between 27 countries with the same currency and open trade between those nations.

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EU

Front

A trade agreement between Canada, Mexico, and the US

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NAFTA

Front

This is a tax on imports that is used to increase price of foreign products and raise government revenue.

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tariff

Front

Tariffs and Quotas can benefit nations imposing them by...

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Raising revenue

Front

Infant industries can be helped in the world market by giving those industries a

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subsidy

Front

Diamonds found in South Africa are used to make rings in Maine. What is the term for bringing these diamonds into Maine?

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import

Front

Chairs made in North Carolina are flown to Mexico. What is this process called? (Options: import, export)

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export

Front

Wheat grown in Iowa is used to make cereal in South America. Is this an example of import or export?

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export