Unit 7 International Trade Flashcard

Front

Which of the following is a tax on imported goods?
a subsidy, a tariff, an embargo, a quota

Back

a tariff

Front

Imagine that the table shows how many thousands of bushels of corn and soybeans the U.S. and Russia can produce in one day. Which conclusion can be drawn?

Back

The U.S. has an absolute advantage in both crops.

Front

The ability of one nation to make something at a lower opportunity cost than another nation can make is called

Back

a comparative advantage

Front

Which nation has a comparative advantage in making shoes?

Back

Brazil

Front

Which nation has an absolute advantage in shoe and phone production based on the table?

Back

United States

Front

A good that is sent to another country for sale is an ____________.

Back

export

Front

Measure the price of one nation's currency in terms of another nation's currency is an __________________.

Back

Exchange rate

Front

What is an official ban on trade or other commercial activity with a particular country?

Back

Embargo

Front

When determining comparative advantage one must determine

Back

Opportunity cost

Front

If I am better at all types of production, I have the ______ in all forms of production.

Back

Absolute advantage