International Trade

International Trade

I can explain the function of trade barriers

Multiple Choice

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

• Specialization
• International trade
• Absolute Advantage
• Supply and Demand

Multiple Choice

Can people produce all their needs?

• Yes

• No

Multiple Choice

What is the British form of currency?

• Dollar

• Cent

• Pound

• Yen

Multiple Choice

What is a quota?

• No clue

• a tax on imported item `

• a limit on the amount of a good that can be imported.

Multiple Choice

What is a tariff?

• a limit on the amount of a good that can be imported.

• No idea

• a tax on imported item

Multiple Choice

Which one is NOT a benefit of free-trade?

• More diverse products available

• Lower Prices for consumers

• Increase in global trade

• Finding the Holy Grail