International Trade

When determining comparative advantage one must determine 

• Opportunity cost
• Specialization
• Absolute Advantage
• Embargos 

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

• NAFTA
• EU
• WTO
• ABC

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. 

• 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

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

• subsidy
• quota
• embargo
• tariff

Who will be hurt by a tariff on medicine coming into the US.

• US medical companies
• US government revenue
• Sick people in US 

Watches made in Norway are worn by people in California.

• import 
• export

Tires made in Tennessee factories are used on cars in Europe.

• import
• export