Ch. 15 & 16 Review Game

Front

International trade restrictions are often created to

Back

Protect domestic industries from foreign competition

Front

Government-imposed trade barriers are best described as

Back

An artificial restriction on the flow of goods and services

Front

One of the benefits of trade barriers is that they may

Back

Help a nation’s newest industries develop successfully

Front

Which of the following statements about international trade is most likely true?
- Most imported goods may be produced locally at lower prices.
- Each country can import only if another country exports
- Most exported goods have little value to exporting countries.
- Each country can only export as many goods as they import.

Back

Each country can import only if another country exports.

Front

Tariffs or quotas on imports are most likely to cause

Back

Inefficient production

Front

An __________ is a good or service sold to a buyer in another country.

Back

export

Front

______________ is the ability of an individual or nation to produce a product at a lower opportunity cost than another individual or nation.

Back

Comparative advantage

Front

The European Union agreed on a single currency, called the _________________

Back

Euro

Front

Ability to produce a product with fewer resources than other producers.

Back

Absolute advantage

Front

A tax on imports

Back

Tariff