International Trade

To focus on producing one thing to improve productivity is known as:

• Specialization
• International trade
• Absolute Advantage
• Supply and Demand

When determining comparative advantage one must determine 

• Opportunity cost
• Specialization
• Absolute Advantage
• Embargos 

A trade agreement between 27 countries of with the same currency and open trade between those nations.

• NAFTA
• EU
• WTO
• ABC

A trade agreement between Canada, Mexico, and the US

• NAFTA
• EU
• WTO
• ABC

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• 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

Which of the following is not a benefit of trade between nations?

• More stuff
• Better stuff
• cheaper stuff
• similar stuff

If nations limit trade in of clothing who will benefit?

• Domestic Consumers of clothing
• Domestic producers of clothing
• Foreign Producers of clothing 
• department stores who sell clothing

Infant industries can be helped in the world market by giving those industries a 

• subsidy
• quota
• embargo
• tariff

Watches made in Norway are worn by people in California.

• import 
• export