1.7 Trade and Development

What country is the world's largest exporter of goods?

• USA

• China

• India

• Russia

The exchange of goods and services.

• trade

• domestic

• economics

• tariff

What a country is good at producing, or its ability to produce a product more efficiently than other products.

• tariff

• trade

• comparative advantage

• foreign

Buying and selling that takes place within a country.

• trade

• economics

• foreign

• domestic

Producers and consumers importing and exporting goods from other countries.

• foreign trade

• domestic trade

• trade

• comparative advantage

How can other countries benefit from the comparative advantage of the US's wheat production?

• spend more on growing wheat domestically

• save money by importing wheat from the US

• use corn instead

• go gluten free

How do countries get the goods and services they need if they are unable to produce them efficiently?

• import

• export

• go without

• use something else

The type of trade that involves international trade: trading with other countries.

• international

• domestic

• comparative advantage

• foreign

Which of the following is a result of increased trade barriers?

• free trade - increase in imports

• lower prices

• more products to choose from

• reduced competition

Which of the following are features of a developed country?

• low productivity

• high tariffs - limited trade

• strong economy

• low standard of living