International Trade Quiz

If I am better at all types of production, I have the ______ in all forms of production.

• Comparative advantage
• Specialization
• Absolute advantage
• developed nation

A trade agreement between Canada, Mexico, and the US

• NAFTA
• EU
• WTO
• ABC

A tax on imports

• tariff

• import tax

• supply

• embargo

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

• Tariff
• Quota
• Embargo
• Subsidy

The main justification for an embargo on foreign goods is to

• political reasons

• raise revenue

• Increase consumption or the good

The ability to produce more of a given product using a given amount of resources.

• comparative advantage
• absolute advantage

The ability to produce a product most efficiently given all the other products that could be produced.

• absolute advantage
• comparative advantage

When a country exports more than it imports.

• trade surplus
• trade deficit

A union which promotes free movement of goods and workers across borders in Euroupean countries.

• ASEAN
• EU
• NAFTA

An association of 12 member nations of southeast Asia to promote economic growth, free trade and economic collaboration between member nations.

• ASEAN
• EU
• NAFTA