International Economics Review Spring 2023

What is an emoji that describes how your week has been?

Having comparative advantage means that a country can produce...

• goods at a lower opportunity cost.

• more goods than another country.

Which trade barrier is implemented when countries have strong political disagreements? (Example: The United States and Cuba)

• Standards

• Quota

• Embargo

• Tariff

Which option correctly describes a trade deficit?

• Exports are greater than imports

• Imports are greater than exports

Which country has the absolute advantage in producing rice?

• Mexico

• Vietnam

Which country has the absolute advantage in producing wheat?

• Mexico

• Vietnam

Limiting the amount of German-made cars entering the U.S. is an example of which trade barrier?

• Quota

• Embargo

• Tariff

• Subsidy

In 2015 Nigeria exported $59.8 billion worth of goods, but imported $42.4 billion worth of goods. In 2015 Nigeria had a...

• Trade deficit

• Trade surplus

Choose the correct member countries of ASEAN.

• Indonesia

• Thailand

• China

• Vietnam

• Japan

The payments that the government gives to certain industries to provide financial help are known as a(n)

• Embargo

• Quota

• Tariffs

• Subsidies