Trade

Only producing certain goods instead of everything you need is known as

• importing
• specialization
• balance of trade
• absolute advantage

If Country A can produce coffee beans at a lower opportunity cost than Country B, then Country A has a(n) ____________________ in the production of coffee beans

• Absolute Advantage
• Comparative Advantage

If Country A can produce 10 tvs/hour and Country B can produce 6 tvs/hour, then Country A has an _______________

• Absolute Advantage
• Comparative Advantage

If Spain's opportunity cost for producing wine is 1.5 cars and France's opportunity cost for producing wine is 0.8 cars, which country has a comparative advantage in wine production? 

• France
• Spain

International trade

• Is growing in importance
• provides consumers with more choices
• leads to specialization
• all of these

The ability to produce something using fewer resources than other producers is called having the...

• Absolute Advantage
• Comparative Advantage
• Better Advantage
• Competitive Advantage

A tax placed on imports

• Tax
• Tea
• Tariff
• Fee

Involves the exchange of goods and services between nations.

• International trade
• free trade
• trade barriers
• International diplomacy

In 2010, China announced that it would impose and import a tax on American poultry of up 105.4 percent.

• Tariff
• Embargo
• Quota

Argentina increased taxes to 9% on the import of milk powder after record levels of imports and fears Argentina farmers would suffer falling incomes.

• Tariff
• Embargo
• Quota