Trade Ch 17 sect 1& 3

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

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

Which of the following is an example of an export for the USA?

• America sells paper to Germany
• Germany sells printers to America
• America sells printers to central Florida
• South Africa buys meat from Chile

Which of the following is an example of an import for USA?

• Japan buys corn from USA
• Brazil purchases plastic from USA
• America sells cell phones to India
• America buys foam fingers from China

Products that one country sends to another.

• trade

• exports

• imports

• embargo

Currency Exchange Rate

• Compares one country's currency to another.

• What countries are good at making.

• Trade without tariffs.

• A ban on trade with a certain country.

Country A has more than three times the population of Country B, but Country A’s literacy rate is lower by 38 percent. This difference is an example of

• unequal resource distribution

• absolute advantage

• interdependence

• voluntary export restraint