Bearcat International Trade

To focus on producing one thing or specific product and to improve productivity is known as:

• Specialization

• International trade

• Absolute Advantage

• Supply and Demand

If I am better at all types of production or I can simply produce more than you, I have the ______ in all forms of production.

• Comparative advantage

• Specialization

• Absolute advantage

• developed nation

When determining comparative advantage, one must determine __________________ by looking at what I can produce after specialization.

• Opportunity cost

• Specialization

• Absolute Advantage

• Embargos

A trade agreement between Canada, Mexico, and the US, _________, has been a source of contention among many including our President.

• NAFTA

• EU

• WTO

• ABC

A trade agreement between 27 countries, using the same currency and allows open trade between those nations.

• NAFTA

• EU

• WTO

• ABC

All of the following are terms used to describe limitations on trade except?

• Trade Barriers

• Sanctions

• Trade restrictions

• EU

This trade barrier limits the number of products that can be brought into a country.

• Tariff

• Quota

• Embargo

• Subsidy

This is a tax on imports that is used to increase price of foreign products and raise government revenue. Sometimes we will still by the foreign product...

• tariff

• quota

• subsidy

• embargo

This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

• tariff

• quota

• subsidy

• embargo

If a nation limits the import of goods such as clothing, using various trade restrictions, who will benefit?

• Domestic Consumers of clothing

• Domestic producers of clothing

• Foreign Producers of clothing

• department stores who sell clothing