Economics: International

A benefit, profit, or value of something that must be given up to acquire or achieve something else.

• Opportunity Cost
• Comparative Advantage
• Specialization
• Production

The benefit or advantage of an economy to be able to produce a commodity at a lesser opportunity cost than other entities is referred to as

• Opportunity Cost
• Absolute Advantage
• Comparative Advantage
• Growth

The nation's ability to produce general goods more efficiently than another entity is referred to as?

• Specialization
• Comparative Advantage
• Opportunity Cost
• Absolute Advantage

Labor, human capital, entrepreneurship, natural resources, and capital are all examples of which of the following?

• Outputs
• Substitutes in Production
• Absolute Advantage
• Factors of Production

You are the manager of Fun World, a small amusement park that only charges per ride. The diagram shows the demand curve for a typical customer. At $5 per ride, how much consumer surplus does each customer get?

• $5
• $15
• $25
• $50

Consumer surplus in a market for a good exists because:

• Some producers charge different prices for the good in different markets
• Producers don't have the ability to set their own price
• When the price of goods decrease, most consumers buy more
• Some consumers are willing to pay more than the equilibrium price

Goods and services brought in from other countries

• supply

• exports

• imports

• tariff

A tax on imports

• tariff

• import tax

• supply

• embargo

A limit to the number of imports that may enter a country

• tariff

• embargo

• demand

• quota

A government order stopping trade with another country

• tariff

• embargo

• quota